I believe that official intervention is taking place around 80.83. A buyer with near infinite resources is alternatively buying and pushing USD/JPY up above 81 and then playing "rope a dope" and letting the sellers exhaust themselves trying to push it through the 80.83 level. If the official intervention continues, and it appears that due to the events in Japan that the US and European countries are working with the Japanese to limit the yen's rise, this level is likely to continue to be defended. Eventually, speculators will start buying when it comes down to this "safe" 80.83 level and we may eventually see it venture up above 81 in a meaningful way. That is the way I am playing it right now as I don't see 80.83 failing anytime soon except for possibly a quick crack and snap back to take out stops placed too close.
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