Japanese investors now have their ducks in a row

Looks like Japanese investors have gotten their marching orders as traders report order books are building to buy USD/JPY on dips.

Buyers are seen scattered from the 87.30 down toward 86.00 with many expecting verbal intervention to begin before long to try and carve out a bottom in the trading range. Covert intervention through quasi-governmental bodies like Kampo is far more likely than BOJ intervention in the near-term, most believe.

USD/JPY is getting a good deal of support from EUR/JPY which trades at 110.50 , an impressive bounce from 107.50 a day ago.