We should remember that this pair is at historic lows and the bullish case for the Yen isn’t particularly strong, so at some stage a sizeable relief rally is to be expected. As I said yesterday, if the BOJ/MOF had any street-smarts. they’d try intervening on days when USD/JPY has a bid tone anyway.
Cititechs went long overnight at 77.80 with a fairly tight stop below 76.50 and a minimum target at 80.25.
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