I’d love know what they are doing with all the USD/JPY that has turned over between 83.60 and 83.90 in the last 24-hours. The amounts are truly impressive and suggest that one side has to give before long.
84.00 barriers are rumored as well as the more typical corporate hedging from Japanese exporters into strength in USD/JPY.
Supply is rumored all the way up to 85.00 in size, so any USD/JPY rally will be a grinding affair. We trade now at 83.91.
