Talk of an Asian sovereign and German name behind the recent fall in USD/JPY to 77.96 but further bids sub 78.00 have so far protected the supposedly large sell stops at 77.90.
There is talk that the level held a barrier but i can’t confirm that, although there are now murmurs of a barrier down at 77.50.
Usual mumblings of stealth bids from Japanese authorities also doing the rounds, which could make some sense as there’s been little follow through so far, but just being told from a more reliable source that macro buyers have just pulled the USD back up ….
USD/JPY’s sitting around 78.08
UPDATE: Latest intel from the bush telegraph is that 77.90 holds a barrier, which would also explain the stops on a break of the level.
