The USD/JPY plunged so far to 79.10, while EUR/JPY stands around 100.50 by the time of writing, accelerating lower as both crosses trigger stops. BOJ intervention seems not a strong concern among investors right now, as most speculate on more jawboning coming over next Asian session, rather than a firm move to halt yen strength. “While USD/JPY is finding some support around a strong Fibonacci retracement, 61.8% of the latest bullish run around current 79.10, I don’t discard a continuation rally towards 78.50 area, 200 DMA over the next hours. Pair has already breached 100 DMA standing now at 79.80, and offering strong resistance on recovery attempts” says Valeria Bednarik, FXstreet.com chief analyst.
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