Momentum is also likely to be lacking in USD/JPY, but with the threat of some form of intervention never far away, and with Yen crosses like AUD/JPY and EUR/JPY starting to show some signs of consolidation, the danger side in my view is to the up side. I had a long position yesterday but I gave up on it as it refused to move, but if we get any sort of a dip this morning then I will look to reinstate.
On the order front, solid bids are reported near 77.90 with corporate offers expected 78.85/79.00.
