USD/JPY is underpinned around the 119.65 area amid reports of fresh buying interest from CTAs and speculative accounts. Japanese name buyers have appeared out of Tokyo and London after spot based at 119.35. The US interbank market remains dollar buyers and this is encouraging for a move back into the 119.80 area. Option related selling is noted ahead of 119.80 triggers, while exporters, sovereign and option names are all cited ahead of 120.00.
European morning talk focused on reports of up to USD 3 billion to go ahead of this level, with large stops tipped above. Ahead of Fed speakers and the FOMC minutes dollar gains are likely to be capped limited though. The key levels on the daily chart remain at 119.80 and 120.00, while support is seen at 119.35 and 118.90. Option expiries are noted at 119.50 and 120.00 for the 14:00GMT NY cut.
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