Flows and Orders/USD/JPY

USD/JPY: More verbal intervention likely but stops building below 78.00

Just like last night, we can expect plenty of Yen-related comments to come out of G7 discussions today and later this evening. This should give USD/JPY a bit of a lift but banks are reporting that leveraged speculators are already quite long and stops are building below 78.00. Perhaps the opportunity is to wait for the stops to possibly get filled and then buy the 77.60/70 dip for a return to current levels?

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