USD/JPY quickly to 112.74 from 112.47

Stock markets are rebounding after the China-led worries hurt sentiment yesterday and that has put a bid under USD/JPY.

The daily high of 112.76 is holding so far but if it breaks, there is little resistance until yesterday's 112.90/113.10 range. (update: the pair is up to 112.80)

The intraday chart shows a bit of an inverted head and shoulders pattern at the lows and seeing the way stocks and oil are rebounding, that's a tempting offer. The measured target is about 113.00.