USD/JPY dipped slightly below 81.60 support support overnight but held above the 81.50 level where Kampo has been a rumored buyer. Unable to trigger the stops in the 81.35 area, it looks as though specs have begun to cover.
Also helping the rally is strong buying if AUD/JPY, fueled by a rise in risk appetites. US equities are at their highest level since mid-2008, closing in on 1350 in the S&P.
AUD/USD has firmed to 1.0787 at the same time as USD/JPY has risen to the 81.90s.
US custodial banks have been steady USD/JPY buyers as well over the last hour helping to give the greenback a solid lift. Resistance lies overhead in the 82.00/10 area near-term.
