Worries in China, trouble in Ukraine and a weak Philly Fed are all reasons to sell USD/JPY but the pair is in positive territory on the day after falling as low as 101.67. Bids at 101.60/50 from Japanese names are intact and the 100-day moving average is providing support.
The pair is consolidating a the 101.50 to 102.75 range but a small series of higher lows is evident on the chart.
USD/JPY daily
The main worry for the bulls is the inabililty to move higher on better risk appetite but that discounts the persistent weakness in the Nikkei and Treasury yields. If those can move higher, a trip back above 105 is in the near future.
