USD/JPY has slipped back to 99.65 at writing, having earlier posted a sesson high 99.90. Not surprisingly there have been reports of option-related selling just ahead of 100.oo, which has stalled the rally, for now.
The yen is being underminned by the generally improved sentiment we’re seeing, with the currency’s safe haven status being eroded as risk appetite perks up.
Obviously the yen is also weighed down by the parlous economic backdrop (the Tankan report yesterday made very grim reading) and ongoing political uncertainty, which aren’t going to go away anytime soon.
The USD/JPY bulls appear to have 103.00 as a near-term goal.
