USD/JPY is on the rebound this afternoon as the dollar-bashing momentum that greeted the market earlier in the day is on the wane and traders head to the sidelines, covering USD shorts. USD/JPY is on the mend, as a result, up to the 80.70 level from 80.42 lows overnight. The 80.85/90 area will be tough to break in the near-term.
One small victory for USD/JPY would be a close above the 80.68 level, the closing price back on April 19 1995.
