• Recent pace of yen fall has been grindy
  • That makes imminent intervention by Tokyo less likely
  • Authorities will not intervene to target a certain yen level
  • When yen moves are gradual, as is the case now, intervention won't have much effect in turning the tide around

Even so, those shorting the yen at these levels will continue to be extremely wary of overstepping the 150.00 mark at least for now. It's a key psychological barrier in itself, not least when that was where Tokyo stepped in during October last year. At this stage, USD/JPY bulls will be hoping that they can get by this "security check" without setting off the alarm.