Traders report strong buying from a German bank in USD/JPY, helping lift the pair out of tight morning ranges, marginally. The US session had been mostly confined to a 92.90/93.10 range but we managed a range extension up to 93.18 a short while ago.
USD/JPY has been weighed down by speculation that a revaluation of the CNY will allow all the Asian currencies to drift higher with it. Stop loss sell orders in USD/JPY are seen at 92.70 while sell orders above the market lie at 93.40/45. We trade now at 93.12.
