USD/JPY: Iwata Cautiously Watching Developments

Back to the ECB's banking conference and it is the BoJ's Iwata with the microphone. Talking on longer-term monetary trends the BoJ member said that he "was cautiously watching". The comments are not perceived to be market-moving and thus far the Yen has reacted little to the rhetoric. USD/JPY continues to trade 117.30/40 with bids into 117.20 keeping sub-117.15 stops intact for the moment while better sized stop/loss orders are reported below the bids into 117.00.