Pretty much every dealer I’ve spoken with has a similar sort of set-up on their books, with plentiful stops placed above 101.70. Despite the solid improvement in risk sentiment and the stop-loss run in AUD/JPY, the market has been unable to make fresh USD/JPY highs above the NY spike highs at 101.61. This will surely be a bit worrying for USD/JPY bulls? Maybe I’m reading too much into it and Europe walk in and take it straight up to 80-bid!