The S&P is nearly flat after falling 8 points at the open but better risk sentiment is doing nothing for USD/JPY, which is at the lowest levels since Asian trading. If prices go green it could begin to help. Fresh bids at 96.50 are holding the line so far with more around the 96.35 zone and 96.20.
The problem for the bulls is that 97.00 has been a sticking point. Still, I think there’s a case for longs on Japanese chatter about delaying the consumption tax hike. More cautious traders might wait for a break of 97.00 before buying.
USDJPY hourly chart