The paring back of the negative attitude towards risk trades is also helping yen crosses to move off earlier session lows. The ¥100.00 level remains key to the continued move higher for the crosses. To me, it looks as though there is option related selling that keeps capping the USD/JPY as it approaches the ¥100.00 level with a close back below yesteday’s low needed to relieve the immediate bullish focus and give the pair a little breathing room. USD/JPY was last at ¥99.73 amid a ¥99.19-99.76 range so far.

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