You've had some views on intervention so let's get back to the blow by blow stuff

I hardly know where to begin with this one so I'll just start at the top and work my way down.

Earlier as the shopping trolley went down the stairs, macro and hedge funds we're the main sellers in Asia. We're also seeing leveraged money selling while slapping intervention buy stops around 50-75 pips higher. Japan being shut is said to have aided the volatility by the lack of liquidity.

Mike had the orders out earlier but there's now offers coming in at 112.00. Below 111.00, there's barriers as 110.50 and 109.00. Both of those come with large bids and stops. There's no noted barriers at 110.00 or 109.50 as of yet but we might here of something as time moves on. Further on the orders, large stops are noted around 109.80/85

110.00 is going to be the big big level going forward.

With the increased volatility we're going to see larger moves than normal on a minute by minute basis. Think waves after a stone gets dropped in water. Things look to have calmed down a bit now but 20-30 pips moves are happening, where we'd get 5-10 pips moves in quieter times

Technically, we broke briefly below a former resistance line from 2013 and are just holding above it now. Further down we have the 61.8 fib of the Feb 2014 swing at 110.33. That level is right around (maybe down to 110.20/25 also) where I'd be looking for the first big protection of 110.00 to be seen. I'm expecting it to be a tough spot from there to 110.10 before we see what's at 110.00

USDJPY daily chart

A quick look at the weekly chart shows that the 38.2 fib of the big 75.55/125.84 move comes in at 106.62. That's still quite far away so I won't dwell on it just yet, but scribble it down somewhere.

Looking to the lower timeframes the 111.00 level has been defended twice now so that shows the level of support there. We've managed to get up as high at 111.88 before the sellers stepped in to protect the 112.00 break.

USDJPY 15m chart

Above there 112.25, 112.75, 113.00, 113.50 are the main resistance levels a fight back will need to get over.

That's what we have right now and we'll bring you more as we get it