“Huge” bids in 105.50 region in USD/JPY

USD/JPY dove toward 105.50 after the poor US employment report but dealers report huge bids in that region, some rumored from the likes of Kampo, the Japanese postal savings system, and a big overseas investor. Prices are trying to stabilize after the report with equity markets steadying first. They’ve been pounded heavily so far this week and seem to be trying to take a breather.