Dealers note talk of exporter offers toward the 98.00 level in USD/JPY. US real money accounts were sellers toward session highs earlier in the session, it is also noted. We trade now at 97.90.
Liquidity in the interbank market remains horrible, leading to far greater price swings than normal on moderately sized orders. We’ve heard horror stories of 15-20 pip moves on orders than 6 months ago would dearly have moved the market 2-3 pips.
