USD/JPY washed out many late-comers to the rally this morning, and cruel mother that the market is, turned around and jumped more than a yen in just over an hour. Dealers have not been able to establish a single catalyst for the rebound but month-end demand is rumored as well as ongoing talk that the BOJ may be buying USD/JP under the table.
Strong Japanese offers are rumored at 98.00 with more seen from 98.60 layered up to 99.00.
