USD/JPY fell this week, but remains floating above the 76 handle. The area is considered to be a “line in the sand” for the Bank of Japan as they are willing to jump in and sell the JPY against anything that appreciates far too much. The BoJ is actively trying to sell the Yen in order to keep the value down, and they have mentioned this area more than once in the news. In fact, there are rumors in the marketplace about BoJ clandestine interventions at this level. No matter the truth, we can only buy – but there doesn’t seem to be much of a buy signal at this point for the long-term investor.
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