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USD/JPY dips below 154.75 as cross rate pressure increases
Perhaps the one takeaway from the price action across the European FX markets over the past 2-3 hours has been the downside pressure in the major Yen crosses. That has been also been facilitated by a drop back underneath 155 in the USD/JPY just now. The move lower comes amid earlier, tacit conformation; that the BOJ may have sold as much as $23 billion late yesterday evening. That comes on top of the more than $30 billion suggested was sold on Monday. The sums are big as you can see, but do not forget the BOJ has a lot of dollar reserves at their disposal. The USD/JPY is just now hitting a fresh European session low underneath 154.70 and dragging the likes of the EUR/JPY and GBP/JPY lower with it
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