Intraday outlook on the Yen

Who would thought that Tokyo won the host of Olympic could boosted the $USDJPY for nearly 100 pips and helped the Nikkei up 3.5% at the open!!!!! No doubt that was a overreaction by the market, and market pulled back after it hit 100 level.

Yen had a difficult time to advanced above 100 level, the more it failed, the more likely we will get a significant pull back. My sense is we will make another push, we need to clear the 100 level convincingly to get us to 101 level. I am long at this point, stop 99.4, target 100.25