USD/JPY continues to find support from semi official bids with the authorities taking a cautious approach this week to intervention. The BOJ looks as though they are trying to “buy time” by intervening the Asian way (sitting quietly on the bid) rather than “intervening with anger” to get a bigger result only to sit it unwound in double quick time. This game will probably continue for some time – at least until after their year end on the 31st March. Those betting that the BOJ will not succeed – good luck!
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