USD/JPY has stumbled at its previous all-time low of 79.75 but it has been a miraculous recovery off the 76.25 low today. As mentioned earlier options/structured deals made a break below 79.70 an accident waiting to happen. Now that they have been cleaned out one suspects the opportunity for USD/JPY to move higher is much stronger with those orders expunged. As can be the case with many derivative trades they don’t just expire but “keep on keeping on” – a move to the topside may well force them to buy back those sold US Dollars. USD/JPY last trades at 79.50 .