Macro hedge funds have been big buyers in the JPY crosses over the last few days as they anticipate some extended weakening of the JPY. AUD/JPY with its excellent carry is the obvious play but GBP/JPY and EUR/JPY are also attracting buying interest.
Strangely enough, the only reports I’m hearing in USD/JPY is of significant selling interest starting at 83.25 and then at regular intervals up to 84.50.
