USD/JPY is working its way higher after a dip earlier this morning toward 92.00. Traders report stop-loss sell orders lie just below 92.00, below the pivotal support area around 91.70 and again below the 91.50 level. Sean has been writing for weeks that stops below that least level are meant to be quite large, and could represent the bulk of the Japanese retail investors, so called “Mrs. Watanabe”.
Offers are seen at 92.35/40 near-term, with more at 92.60/65.
