Some talk that there may be option protection at 120.00 but I am more inclined to believe another source who mentions some good selling from a Japanese name.
That said, there has also been some very strong demand for USD/JPY and I’m also told that there are large stop-losses above 92.50 which could accelerate bullish momentum markedly. These stops are staggered from 92.55 all the way up to 93.80.
