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No sign of the BOJ yet today- USD/JPY sat close to 158 this morning

The USD/JPY lifted back above 157 yesterday and later extended that move to close out the month at 157.80. It has not made any material progress yet today. The high seen earlier was set at 157.93, so it looks like offers capping the topside ahead of the 158 handle for the time being. There is no doubt that the push higher in US yields after the US ECI data yesterday sent the dollar higher, despite any concerns about further BOJ intervention. It has been said here many time before and repeated again this morning; if the BOJ really want to avoid looking like King Canute, then they need to alter the fundamentals in favour of the Yen. The dollar touched 160 on Monday because of their failure to deliver that. Immediate data that has come to light suggests the BOJ might have sold as much as $35 billion on Monday and it is worth noting, that they have a huge amount of dollar reserves should they wish to sell more (over $1 trillion to be more precise). There will be more to add on the USD/JPY later today, but so far there is no evidence of any further intervention yet today. The USD/JPY is just now trading at 157.87

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