The market has finally made it down to 86.50 to see whether there is any official presence at the level. Light stops are being targeted below 86.45 but there are also said to be some good sized bids close by. Any moves that eventuate are likely to be slow ones. The question that remains now is whether or not the USD/JPY market is already long in anticipation of intervention. If it doesn’t emerge, we could see some fairly sharp capitulation.