Noda has been in office for a couple weeks now. He has created his cabinet and I think could be ready to act on weakening the Japanese Yen. Businesses are not able to function with such a strong Yen. Also, with the EURCHF intervention going so smoothly a couple weeks ago, I think the table is set for a similar move by the Japanese.
Monday was a holiday in Japan, so the Japanese market is opening for the week as we speak. It's time for me to pull the trigger.
I will allow 200 pips of downside risk on this trade. Long USDJPY at 76.70
Here's to a USDJPY floor of 85+