USD/JPY has worked through exporter offers int he 88.40/50 area and has shot thorugh 88.50.
The market is taking to heart M Trichet’s comments on undue pessimism and buying risky currencies and assets with both hands while shunning the former safe-havens like US Treasuries and JPY.
Technically, USD/JPY has put in place a double-bottom. It’s measured move objective is the 89.49 level.
