Market’s still intent on testing the BOJ resolve with a steady grind lower today from today from 77.15 in Asia. We’ve been down to 76.85 and there are bids 76.80/85 which should be fairly large, with talk in Asia that the 76.80 level could be a “line in the sand” for the BOJ.
There’s talk of corporate bids below here at 76.70, and 76.50 apparently holds a barrier. Stops are set for a break of 76.50.
On the topside offers from exporters start from 77.15 up to 77.50 with buy stops on a break of the level..
USD’s at 76.88
