USD/JPY has managed to overcome the 95.00 level, trading up to 95.05 so far as US equities trade at session highs, up 2.4% on the day. Traders reported very heavy offers on the approach of the 95.00 level so it remains to be seen if the market can build on its gains. It is hard to imagine short-covering being the driving force today, but if it is, we could have further upside.
Trailing stops are seen in the 94.70 region from short-term specs after pullbacks stalled at 94.75 a short while ago. 95.40/45 is solid resistance above the market and a decent spot to trim longs, if so lucky.
