Traders say there is a “smart” seller of USD/JPY at the 87.40 level (perhaps because he gets it right more than wrong..) but that there are stop-loss buy orders just above, at the 87.50/60 level.
Traders don’t know what to make of the clown-car in Tokyo. Government officials trot out, make a silly statement, and 20 minutes later a spokesman rounds up reports to say “what the minister meant was…” That does not build confidence with the markets, but it does keep them on-guard because you never know what is going to come next.
