Since the market broke above 80.50 early on Friday morning last, it has been unable to break back below. One would presume that many trailing stops will be building below but it’s also possible that the BOJ (or more likely Kampo) will be buying near there.
The high during the intervention frenzy was 82.00, where the offers were said to be massive. Gerry’s intel last night suggested that some of these offers have now been lifted but this remains the level which the USD/JPY bulls need to reclaim.