Dislikedso much talk, but nobody says if they are long or short..
also nobody says what they think will reach yen in short term.
in the next hours it looks like it will hit 83.Ignored
When every major central bank in the world definitively says they are going to intervene in a coordinated manner, then the guideline of trading with the trend should take hold. The whole intent here is to squash any attempt to short; world central banks do not want their economies derailed, and this move actually supports them - intervention is accepted in currency markets, and there is a positive spillover into equity markets. It is a relatively cost effective measure for the G7 economies, unlike the cost and debate that ensures with home equity market tinkering (ie., QE2), and in this case supports an ailing ally, so it is win win.
Hard to say how far it will go because we are in the dark on what was discussed at the G7 conference call. But do not doubt, they talked about specific USDJPY levels, given the outright and rare G7 finance minister words "WE WILL INTERVENE." For UJ, I guess once it passes 82.03, 82.56 is in resistance, and then it has to mount over 83. I'd expect at least an overshoot for 83.29. 83.9 would be rather surprising, certainly for today since, they've left it open ended on timing & a likelihood to intervene again over the weeks. For GY, once 132.94 is exceeded, I'm looking for 134.8 - am pretty optimistic in GY, given GU is likely to propel it there.
But, things are prone to change over the coming weeks, be it Japan's nuclear situation, and other sentiment related factors. The major move will be today. Weeks out, the G7's will easily start to waver based on what's transpired; the yen will likely again appreciate, and that's when it will again, be interesting.