• A late NY headline was the catalyst for this latest sharp rally in the USD/JPY, taking out the barrier option interest at 88.50; 88.50 will act as support now.
  • Lower down, buying around 88.35/40 and 88.15/20, and more ahead of 88.00.
  • Overhead, resistance is hard to come by – maybe a Fib level here and there; but 88.80 to 89.00 has some sellers.
  • After this 89.15 is the next selling level.

It should be an active day (we may have to wait for Tokyo desks to start arriving in the office now) – plenty of opportunities to go with the flow. Bias is upward.