USD/JPY: Offers Cleared Away, Technical Level Now Pressured

Another bout of Friday volatility and another boost for the data cramped Dollar. Japanese corporate offers were swept away at 117.30, 117.60 and 117.80. Price has just nudged above the 118.00 and banged into the 10-day moving average line at 118.03. The bid is holding and the market is now looking to the 118.30 resistance point taken from the October 26 session. There is talk of a sizeable 117.65 option expiry rolling off at the New York cut, Over a yard mentioned. It remains to be seen if the option play can rein in the buck.