CORRECTION: USD/JPY selling persists thru 89.60; 89.40 new low of the day (Barcelona) - After early indications of over-stretched Yen positioning ahead of BoJ - more often than not results on profits taking - , combined with the logical view that much of what will yield tomorrow's BoJ policy action has been largely discounted by Yen traders - tends to lead to a 'sell the fact' scenario -, and talk of Chinese aircrafts and ships approaching disputed Senkaku Islands - negative for risk -, seem to have been the perfect storm sparkling a flight out of Yen shorts, with the USD/JPY hit hard to only find support at 89.40 (20-H4 EMA), a level which should hold for the interest of buyers, as noted by Valeria Bednarik, chef analyst at The area of support at 89.60 was taken out on the first attempt by sellers, implying inequality of forces dominating the price at current levels.

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