The first wave of BOJ intervention on Friday took USD/JPY above 80.50 and it was unable to break back below that level either during Tokyo trade or later in the day in NY. I suspect that if the BOJ or Kampo have left bids in the market then it could well be at that level. I’d also expect to see plentiful trailing stops below 80.40. That’s just my opinion, I have no firm flow information at the moment.
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