The USD/JPY pair got a massive pop at the start of the week due to Bank of Japan intervention on Monday morning. However, the move was unilateral, and these moves almost always fail. In fact, the BoJ did this just a couple of months ago and got the same results. Because of this, we are sellers of this pair now, as there simply seems to be no buying demand overall. The 80 mark is what we need to see broken in order to go long, and this is something that is very unlikely as the BoJ couldn’t even make that happen. We would be willing to settle for 100 pips or so on a sell, but don’t expect this pair to move quickly at all.
