Every 5th day of the month, there is what is called “Gotobi’ demand for USD/JPY at the Tokyo fix from Japanese importers. The amounts can vary greatly but if you see USD/JPY edging higher in the period prior to 09:50 Tokyo time, then you can probably assume that there is decent sized Gotobi demand. Corporate offers are reported above 77.20 and that will dampen any bullish momentum