Year end yen repatriation flows have been the talk for weeks now, this flow is nearly finished as we approach the, errr, year end (fiscally speaking).
The BOJ meeting is next week (3 and 4 April) – we should get an indication of ‘how much’ bond buying and ‘when’ as Kuroda starts to do ‘whatever it takes’.
For today, the levels that are reproted as holding orders – on the topside 95.00 is substantial selling interest, above there 95.20 and 95.50/60.
To the downside threre are a few bids at 94.35/40 (yes, very close by), then around 93.85/94.00. More below, and we’ll refresh should we get below 94.00 ( I think USD/JPY wont do that – its bid on dips).
