USD/JPY up more than a cent from European lows
USD/JPY is cookin' now. Another quick squeeze higher has lifted the pair to 113.36 after falling to a session low of 112.21 just before US traders began to arrive.
The risk tone in markets is positive but the latest leg was driven by a soft US bond auction. The higher US yields are enticing for those worried about more ECB or BOJ action.
On the orderboard, there are sellers in the 113.52 zone. That was the March 8 high and is followed by offers at 113.77 and 114.00. More at 114.25/27 and 114.50.
Bids are light given the run-up. There's nothing much until close to today's low. I suspect some will begin to build n the 113.10 range.
