The market has now failed twice in the last 2 days to regain the 84.00 handle . A further break below the 83.00 handle should eventually see multi-decade lows around 80.00.
However Caution is need with the backdrop of even further Japanese intervention looms the 83.00 handle can provide firm psychological support as participants fear getting caught short the cross around these levels.
Short-term bulls will also be entering the market around current levels looking for the BOJ to intervene .
Freshly squeezed view
84.00 was rejected today , will look to sell . If bears can get the market through the 83.00 level, we may see some real panic in the markets and from the Japanese government.