The USD/JPY pair has fallen hard enough to test the exact point of intervention form the BoJ and 4 other central banks earlier this year. While the technical picture on this chart looks horrible, that very fact about the banks is enough to keep us from selling. If Congress doesn’t come up with something to placate the markets, Monday morning in Asian trading could be brutal, and this pair will get sold off. It is at that point that the BoJ may act. We are very leery of being involved in this pair because of all of the uncertainty at the moment.
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