With that being the case, I think you’ve got a situation where sooner or later the buyers come in to take advantage of cheaper US dollars and it’s worth noting, as you will see across the board here in this video, that a lot of the carry trade type of situation involving the US dollars got stopped dead in its tracks as well.
Maybe this is the market’s initial reaction, but there’s a little bit of hesitation for the market to fully buy into the narrative. We’ll just have to wait and see, but this is one I’m watching. If we can close above 156.50 yen, I might be interested in having another stab to the upside.
