USD/JPY’s in a bullish consolidation, hanging onto the bulk of its gains on the hourly charts. Fundamentally though, it faces some supply hurdles. Japanese exporter offers are rumored to be heavy at 91.50, and USD/JPY sure traded like they mean business earlier today.

Snidley, Whiplash and Co was said to have been a very aggressive buyer of USD/JPY, paying the top at 91.46 this morning. The buck sold off from there like a scalded dog, and has not approached those levels again, so I the supply talk seriously.

1-20 jpy