Our hedge fund insider @FXWW888 is reporting that Japanese Lifers have been noted buyers in recent trade near 98.90. Prime brokers are also reporting solid demand near 98.65/70 but despite all this demand, the pair isn’t bouncing much! The crosses, AUD/JPY in particular, are to blame for most of the Yen buying.
I’m still short USD/JPY from Friday and I don’t see much reason to change my view just yet. I have a tight stops above 100, which was one of the attractions of this trade, so best be patient and see how the market develops later today.