Where did this price action come from?
The stock market has taken off like a rocket ship and USD/JPY is drafting right behind it.
The pair cut through 102.50 and then the late-March high of 102.68 without any hesitation. There are no headlines here. Maybe month-end or Japanese fiscal year-end is at work.
USD/JPY daily
There is some talk of offers at 102.80. I’ve been checking around and no one has any idea what’s going on here except the guys hammering on the ‘buy’ button.
