USD/JPY just won’t get with the program. Despite a broad global equities rally the JPY has held its strength for the most part during the New York session. The usual “risk/no risk” dynamic that has been in play for many months has failed us today. It could just be a matter of supply in thin markets, as we said earlier. So far no other explanation has come to the fore. USD/JPY is holding support at 92.55 near-term though stops are building in the 92.45 area. We trade now at 92.75 after bouncing off support.
