The USD/JPY pair has fallen over the last five sessions again, but still remains within the 78 to 80 range, and looks content to stay there. Because of this, we don’t really see any longer-term trades setting up at the moment. The Bank of Japan has already stated that they are ready to intervene if the Yen gets too valuable as a result of the Greek elections. It is because of this that I think the downside will be very limited. If we get a break above the 80.50 level on a daily close though, we are willing to buy.

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Originally posted here