After capping first time around USDJPY has now taken out the 101.50 offers
I warned in my previous post that both the Nikkei and USDJPY remained underpinned despite pausing for breath and we've now seen another shove higher to 101.57 and 16,750.65.
Currently still on the front foot we wait to see whether European desks have anything of note to say on the OPEC deal.
My gut feeling is that the rally will run out of steam once the reality sets in over what is left for OPEC to do to actually get these (minimal) cuts allocated and in place.
There is however a feel-good factor prevailing for the moment given that they have at least agreed to agree at some point down the road.
Nikkei having another spurt higher as I type as we head into the final part of the day's official session with USDJPY remaining above 101.50
