• USD/JPY takes another dive yesterday as 155.00 pierced, stops galore hit

• Recent and past USD longs take cover en masse, carries reversed

• All took place in US holiday-thinned trading, USD/JPY 156.30 to 154.05

• More downside early Asia today, 154.31 to 153.80 EBS, bias still down?

• Japanese exporters especially in sell mode now, to cap rallies

• Most USD assumptions for fiscal year 155+, plenty done but more to go?

• Japanese importers on other hand can now take their time, in no rush now

• USD/JPY now lowest since 153.07 Feb 18, February trough 152.28 on 12th

• Tests towards January trough of 152.10 on 27th, 152.00 very possible

• Option expiries today include 153.50 $710 mln, some between 154.00-50

• US open today, moves to be eyed closely for direction going forward

• Seems no doubt more JPY buy-backs may be in store

• Related comments , , ,

• And , also ,

• Other markets , , ,

• And , , for more click on [FXBUZ]

USD/JPY:

(Haruya Ida is a Reuters market analyst. The views expressed are his own)