Unlimited!

As I said 'Yen meh' in my market musings blog, the BoJ hit the wires:

  • BOJ announce special fixed rate JGB buying operation
  • BOJ offers to buy unlimited amount of 10 year JGBs at yield of 0.100%
  • USD/JPY bouncing as a result.

The USD/JPY daily:

Bullish USD/JPY news as price retests previous resistance as support on the daily?

Boom!

I take back anything I said about the Yen earlier. If we're getting some bullish momentum on the pair out of both the news and the technical spot we're in, pullbacks are going to be a buying opportunity.