A minor correction into the London fix in USD/JPY has been washed away in a wave of US dollar buying.

The short-term level to watch on my chart is just ahead at 118.88. That’s the 61.8% retracement of the decline since the start of the year.

USDJPY daily

USD/JPY daily

The US dollar is well-bid right across the board today and is near the best levels of US trading right across the board.

On the orderboard, there are offers at 118.85 and on the approach to 119.00. Some stops above 119.20.