A quick glance at a chart will show the 90.55 – 90.10 (give or take a few points) range that has established itself as providing the initial levels to watch.
Through the topside there is selling at 91.25/30 and again more ahead of 91.50. There is barrier option selling interest ahead of 91.50, not that this sort of interest has too much of an impact for the past 10 big figures or so. Still, it pays to be aware of it and watch price response around the level. Same again at 92.00 – watch for selling ahead of there. With the yield spread continue to widen between the US and Japan expect continued buying on dips of USD/JPY.
On the downside, I’ve already mentioned 90.55 as initial support for today. Trading stops are building below there. Buying trails lower, though – with more again further down around 90.15/25.
For the EUR/JPY; initial buying on the day 121.60/70 then 121.05/15. Selling 122.50/60 then 122.80/90 ahead of 123.00.
