It looks like there is something magnetic about this 81.90 level as this is the third time that we’ve visited it in the last couple of weeks; so far the high has been at 81.88. I’m now hearing some rumblings of significant corporate activity in both USD/JPY and EUR/JPY; with spot buying and also plenty of demand for out-of-the-money calls, particularly in the cross. No wonder I got that wrong! CTA-types have also been reportedly joining in as they smell a move into a risk-on environment.