Traders are finding selling EUR/JPY below 132.00 to be counterproductive despite weak asset markets this morning. Some suspect the “invisible hand” of Japanese semi-official entities may be buying EUR/JPY and USD/JPY on the QT. The postal savings system is the likely suspect.
Whispers of Asian central bank buying has been heard on dips this morning as markets bounced after a blip below 1.4850. Given large sales above 1.4920 earlier today, it makes eminent sense.
We trade now at 1.4873 with intraday EUR bears quite frustrated.Stops are building above the 1.4900 level.
