USDJPY down through 123.00 to 122.80/85 support
With US Treasuries rallying the steam has come out of the dollar rally for now. Ordinarily we'd probably expect yields to rise given the data and add to the bullishness but that's not the case today
Intraday support is at 122.80/85, 122.60 and 122.45/50
USDJPY 15m chart
On the order boards, 123.50 has another barrier, strong offers and stops and there's large stops lurking on a break of 123.80. 124.00 & 124.50 have strong offers, barriers, stops...you get the picture
Bids are showing up around 122.80/85 and further down at 122.20, then building at 121.50/55
The Jul 2007 highs at 123.66 remains intact and any fall down towards 122.00 are likely to be hovered up by the dippers. Break back through 122 though and we might see some of the late buying brigade taking what they've got off the table. 121.50/70 is the current best place to look for a strong dip buy
