USD/JPY has been retrained by selling in EUR/GBP and GBP/JPY but at least it is holding up at the top of recent ranges, which makes sense (in a market that has made little sense during the US session) given the strong rise in aspects of the reflation trade. US equities are chugging along in the top-half of their range, commodites are firm and interest rates continue to back up. 10-year note yields in the US are within spitting distanceof where they were before the Fed began QE, now at 2.92%.
100.85 is next resistance for USD/JPY while 100.20/25 is near-term support on pullbacks.
