USD/JPY is presently at 95.40, up from a European opening down around 94.70. We are hearing precious little in the way of order flows at the present time.
The USD/JPY bears will look to a poor technical backdrop, possible fiscal year end JPY buying and the generally bearish USD sentiment which still pervades.
On the other side of the coin, the USD/JPY bulls will look to the truly dreadful state of the Japanese economy, political uncertainty in the country and ongoing speculation the BOJ just might (possibly, maybe) take a leaf out of the SNB book and move to aggressively weaken their currency.
Seems a fairly well balanced arguement, and might well ensure we remain relatively narrow rangebound in the short-term.
