USD/JPY has worked its way up to another pocket of liquidity in the 92.75/80 area, stalling at 92.77 so far. US hedge funds have been veracious in their buying today and they’ve gotten a boost from reports that the Japanese Postal savings system has been buying as well. Exporters continue to do their thing, selling strength when they get the opportunity.
93.50/75 is the next area of obvious resistance on the charts. We trade now at 92.72.
