In a market positioned for range-trade in USD/JPY, the buck is soaring as market-makers need to grab dollars in the spot market to hedge exposures which seemed well out of reach only hours ago. We trade now at 96.65 and are eyeing important chart resistance at 96.99. I’m gonna go out on a limb and say there is likely a 97.00 barrier.
USD/JPY is getting a technical boost from breaking a 4-month old trend line at 96.38.
