At current level I think USD/JPY is crying for an intervention, any dip below 76.30 area will definitely invite some words from BOJ officials, further lows will no doubt trigger intervention.
But does it mean that we ought to build long positions right now? Not yet I reckon. With lights out on CHF, JPY is the only kind of safe haven to pile money into, especially with the most recent wave of risk aversion going still strong, there is no reason to hurry into any long trade before even slight macro sentiment changes.
But does it mean that we ought to build long positions right now? Not yet I reckon. With lights out on CHF, JPY is the only kind of safe haven to pile money into, especially with the most recent wave of risk aversion going still strong, there is no reason to hurry into any long trade before even slight macro sentiment changes.