Second day in a row of large gains for the pair.
USD/JPY is carving out session highs, hitting 120.28 in a steady grind 75 pips higher that began in Asia-Pacific trading.
I wrote about the case for buying the US dollar yesterday and it has now completely wiped out the non-farm payrolls move. There is some resistance at 120.37, which was the March 31 high.
USDJPY daily
S&P 500 futures are flat and the bond market is quiet. With little on the calendar, the dollar will probably need some kind of push to break 120.37 or it may begin to retrace.
