There is market talk of plenty of demand still down at 89.00 and ahead of there. Importers still have orders in to buy USD/JPY. I wonder if they’ll be forced to chase it higher if there is no dip today? Further chatter is of stops above 90 … this is probably the ‘uncle’ point for those needing to buy.

Yen crosses, too, are still bid – the usual suspects: EUR, AUD and even NZD.


  • Stops above 90
  • Barrier option interest at and just ahead of 90 (These have been quick to be swallowed up of late – the buyers just swamping the sell orders)
  • Selling interest towards yesterday’s highs (89.67) but it isn’t big
  • Selling 89.85/00 … but again, not large. There is a fear of selling in such a strong market, certainly speculative sellers of USD/JPY are edgy.


  • Buyers at 89.30/40, at 89.20 and then down through 89.00
  • Below 89.00 are more buyers

For those of a contrarian nature; sentiment towards USD/JPY is very strong and there is fear of being caught short. Hence, moves down could be sharp if the expected buying is reduced or pulled.