The bids in USD/JPY between 94.75 and 95.00 were very large indeed. My information was that there was close to 1 billion on the bid at 94.75/80. The buying interest was real so if the selling interest was speculative, we can watch out for a sharp move higher I would guess. The buying in EUR/USD towards the overnight lows was mainly option related I believe. We can expect more of the same range trading in this pair over the coming weeks.
Good luck today.
