USD/JPY has been pretty passive thus far this morning, barely budging in the 89.10 area as EUR/JPY was carried aloft by the EUR/USD leg of the cross. Better US home sales data has helped reinforce a rally on Wall Street (and in commodities) and USD/JPY has finally snapped out of its lethargy. it bounced to test Friday’s highs toward 89.60 where it ran into a bit of resistance from the 10-day moving average. The average is trending sideways and is unlikely to put up a very strong fight. Exporter offers are rumored toward the 90.00 area on rallies, dealer report. Stop-loss buy orders lie at 90.15, it should be noted.
