USD/JPY has traded a minute 83.37-58 range today; last at 83.40. Players seem long (USD) hoping that the BOJ will intervene to save their positions. More dire data out of Tokyo today (and most days for that matter) probably supports that view.
The only trouble is that the topside is capped by exporter sell orders. Whilst intervention remains a one-day wonder at this stage I would not completely give up the idea that they will not intervene again. The only trouble is we don’t know when. Below 82.80 it could be sayonara for USD/JPY with reportedly massive stops beneath.
