USDJPY has made steady progress higher after once again holding above 120.00

Before I signed off on Xmas Eve I highlighted some good size barrier option support for the pair into 120.00 and the level has held again.

Thin liquidity has seen the pair recover from a low of 120.11 to post highs of 120. 62 surpassing Friday's 120.45

The Nikkei closed up 0.1% and we've had a some weaker data out of Japan which has helped the rally and barrier option defence.

Eamonn reported the softer industrial production and retail sales here

Next tranche of sell orders expected at 120.65 then into 120.85 and 121.00

Currently 120.55