USD/JPY faces a grind ahead of 88.50
Currently sitting just below the Asian highs of 88.22, there are reportedly strong offers ahead of 88.50 which i’d assume holds a barrier. Buy stops lurk just above, and the trend looks likely to continue after some strong AUD/JPY buying to fresh 4 year highs of 93.16.
There’s also talk in the market of a large 86.75-90.75 DNT option ( I don’t know the expiry date) so expect some heavy support resistance ahead of both levels. Nearby bids start from 88.00 down to 87.80 with sell stops just below and again through 87.40
AUD/JPY sell stops are in place for a break of 92.00 (some way off i know) with bids in front in the 92.10/20 zone.
USD/JPY’s sitting at 88.18 with the AUD/JPY at the mentioned highs