Neil Looker, Market Strategist at FX Solutions (http://www.fxsolutions.com/), provides Forex traders including an overview of currency market activity and hearsay on 1st November 2011, including news almost the BOJ.
"Last week the BOJ announced it was expanding its asset buy programme by JPY 5trillion to JPY 55 trillion but the market rumor has it that viewed this as insufficient to weaken the JPY so as the CME's International Monetary Market released its facts at the accurate of business on Friday that the non commercial lingering JPY positions has risen to levels close to levels where the BOJ had last intervened in August it was just the ‘ approximate market ‘ that the Japanese Finance Minister had warned he would punish last week.
I am reasonably bowled over myself as I thought the BOJ would pass the time in anticipation of after the FOMC meeting where a conversation on QE3 in the US is likely to be mentioned along with this week's G20 peak and the US jobs data as the last thing the BOJ will want to reckon it over is history repeating itself when they intervened in huge mass in August single to see the nitty-gritty curve hostile to them and the JPY level return to where they stepped in just 3 income earlier.
Today's intervention commenced around 10.30am Tokyo time and within the usual time form for the BOJ to act ( just after the fix ) bids were seen in the market for around $1.5 billion at a time and approximately time ago 79.20 was achieved the bids were replenished at this level every time chief the Asian market to reconcile that the BOJ were vacant to set up a SNB type stump the JPY, but as Europe walked into a 4% rally this scheme diminished as Japans comprehensive trading partners get on to this type of proceedings impracticable to occupy out.
The volume of the action taken by the BOJ is still not known but the market are looking to take them on as we slide decrease all day just breaking through 78.00. The BOJ really have to take up again to occur to the market or they will lose credibility and the detail they are acting lonely gives the market confidence so a go over 80.25 is most surely needed or the JPY strength will continue."
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