Exporter sales and longs booking profits was behind the earler push lower to 136.90 in EURJPY. It has since bounced to above 137.60 to take out last night’s high but reported option selling towards 138.00 may limit any further gains in Asia. Hearing 138.00 is a presumed option barrier level.
There are also some stops above 137.80 which just might be safe for now and larger ones above 138.35. Support seems to be building around 137.00 on the day, with scattered bids all the way down to 136.00.
