Having broken above recent consolidation tops in the 97.70/98.20 area, USD/JPY is making a serious challenge of the 98.50/60 highs set last week.
The dollar is getting support from renewed institution investor flows out of Japanese securities as well as talk of a fresh government scandal for the very low-rated Aso administration.
A break of 98.60 should set the stage for a rally toward very important resistance at 98.90, the 50% retracement of the 110.70/97.10 decline and then 100.17 level where the 100-day moving average comes in.
