The pair has drifted overnight with a brief test below the 92.00 level and found buyers down to 92.90; in fact buyers are reported at all stages down to 92.50.

It broke out of both hourly and 4-hourly channels and soon found it’s way back. Personally I am happy to be (and am) long at this level and would increase on dips; I expect ongoing further BOJ comments to merely reinforce.

The market seems long and happy. I did mention at the end of last week that March is the year-end and a traditional yen repatriation period however I suspect that will have little impact this year.