@jarratt: now correct me if i am wrong, but it seems to me that on e/j (haven't done my homework on u/j) we are poised for some significant retrace from last year's august bottom at around 94. if market only retraces back to 38.2% fib, that would be some nice and hefty amount of pips. i wonder if the big move will also start in august this year, exactly 12 months later from last years. what a coincidence that would be.
This is the fifth consecutive day that the Yen has strengthened and I would have thought that the BOJ would have stepped in by now. What am I missing here? Is it just a flight into the Yen because of the uncertainty over short-term US economic policy?