The USD/JPY hasn’t moved much over the last three sessions as the Bank of Japan has recently intervened. However, these unilateral interventions tend to fail, and we feel that a slow grind south is the most likely path going forward. We are willing to sell her for roughly 100 pips. We understand it might take some time, but history is certainly on our side, especially if we don’t break the 80 handle.
Written by FX Empire