USD/JPY has ticked higher in early European trade, presently at 90.20. Doesn’t appear to be news driven. Rather it appears to be bout of general short covering.
Personally I wouldn’t like to be short USD/JPY going into this afternoons US GDP release, just incase we get an upside surprise, which would boost expectations of an earlier than generally expected US rate hike.
Yesterday talk of decent sell orders up at 90.40/60. If we go any higher, will be interesting to see whether they’re still there.
