Couple of the big banks have sent out notes this morning, both along similar lines; 80.00 is an important level and we should not be surprised to see some overt intervention by the BOJ. Remember that 79.75 was the massive historical low which when broken in March threatened to become a major resistance level. The BOJ will not want the market to establish itself below there. One factor which might prevent any intervention is the fact that Japan is coming off a 3-day holiday and as such the BOJ might not have the policy decisions in place to act immediately. (full story)