USD/JPY is trying very hard to build a base. 91.90/92.00 is providing support on dips now ahead of the trend low at 90.90 from Thursday night/Friday night. Steadier financial markets and a bit of verbal intervention from the G7 regarding the yen are helping ease the risk-averse environment that has gripped the markets for the last six weeks.
94.50 and 94.85 are resistance on rebounds near-term. A move through those levels will take the immediate downside off USD/JPY and likely EUR/JPY.
