USD/JPY sits at 92.00, little changed in early European trade, pretty much unaffected by the plethora of comments from Japanese Finance Minister Fujii.
Reports have buy orders lined up down at 91.50 and then again at 91.10/20.
Sell orders seen layered up at 92.30 through 92.60, with buy stops said to be gathering around 92.70.
Then there are said to be further sell orders up at 92.90/00, with buy stops gathered just above 93.00.
The bickering between the new government and the Bank of Japan is hardly a plus for the yen. Obviously the burgeoning government debt remains an ongoing problem. Decent US and other foreign yields will continue to attract Japanese funds further afield. Against this backdrop can’t help feeling USD/JPY downside limited in the short to medium term.
