USD/JPY bounced from important support in the 83.25/30 area (bottom of the cloud at 84.32 today) and failed to trigger the stops below the 84.30 area. We’re getting a robust short-covering rally.
Japanese buying was rumored on dips to the 82.25 area all last week, so I’d not be surprised if some of those buyers stepped up to buy in the 82.30s….
82.75/80 is intraday resistance on rebounds.
