There’s talk that $6 billion of bids are underpinning USD/JPY at 96.80. The low so far is 96.81 so a good portion of that has probably been filled.
The next main event is the stock market open. I suspect we will continue to see optimistic dip buying, as has been the case throughout the shutdown. We should see the S&P 500 open around 1676 but if it falls to 1670 or lower, USD/JPY will breakdown and then you have a recipe for a very ugly day.
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