Good decent demand of USDJPY going into the Tokyo fix was seen today, followed up by aggresive buying from a US money center bank. The move was in two hits, one up to 96.50 then to 96.80, with the market taking it close to 97.00 before a small retracement. Traders have been hit hard and are still sitting short.
Technically, Japanese traders are looking at the 100 day MA resistance at 97.08 and then top of the Ichimoku cloud at 97.48.
