USD/JPY is getting a lift after a relatively shallow pullback begun late this morning.
81.50 is providing support on dips near-term while rallies have been limited to 81.73 intraday. 81.85, the December 30 high, is next near-term resistance beyond that.
Exporter offers are likely to be somewhat less persistent in the beginning of the new quarter while firmer US yields should be a macro-support near-term.
In the bigger picture, I still think there is an 80.00/85.00 DNT that is keeping the greenback bottled up…Play the ranges accordingly.
