Buy the rumour sell the fact
One of the oldest sayings in the market but also one of the truest. The market is very short of Yen, particularly the professional market, and the big question is whether they have the patience to stay short for another month. The other question is where will any fresh Yen selling come from? If 111.50 continues to cap then we may see some profit taking begin to emerge? The BOJ were certainly dovish but now its all about positioning.