Yen dropping. USD/JPY above 151.75.

Yen is dropping.

Earlier we had a Bank of Japan policy Board member telling us what we all know, that policy is going to remain loose for some time:

• BOJ’s Tamura says likely to maintain accomodative monetary policy for time being

In other news Japan is offering 0.7 tln yen in 40 year JGBs.

Apaprt from that its quiet from Japan today.

So far during the session we’ve had no intervention, it’s the verbal kind we are still getting at this stage but none of that so far today.

How far away can that be?

USD/JPY daily chart … lines by me:

I’m biased to the topside by those lines. Comments welcome folks, what you thinking?

This article was written by Eamonn Sheridan at www.forexlive.com.