USD/JPY is retracing some of its early gains, trading now in the 92.80s after stalling at 93.55 early in the session. Buyers on dips are eyed at 92.80 and 92.40. Dealers see good interest to sell JPY verus commodity currencies, perhaps a sign that risk-aversion is easing as fresh funds are put to work early in the New Year.
93.95, the early December high is the near-term topside target for USD/JPY in the next few sessions.
