USD/JPY has paused around the 98.35-40 level following the sharp move higher triggered by Kuroda’s comments. USD/JPY found solid support ahead of the 97.00 level on the back of option related buying by the Bank of China and a close above 98.35-40 would see the pair headed back to test the magical 100.00 level.


Yen crosses all benefited from the USD/JPY move with EUR/JPY pausing at the 129.90-95 region. A close above points towards a retest of the 131.10-15 region.