USD/JPY has a bid this morning, rallying through offers at the 82.95/00 area and reaching 83.11, 2 pips above the highs posted in the immediate aftermath of Friday’s payrolls.
I can’t say with any certainty what is behind the spike beyond general covering of USD shorts. Could be related to the 13:15 ECB fixing, perhaps.
Expect plenty of sellers toward 83.50 and 84.00 as Japanese corporates repatriate for fiscal year-end.
UPDATE: CTAs (commodity trading advisers–hedge funds by another name) are said to have been the buyers of USD/JPY. Offers from exporters begin at 83.25.
