USD/JPY has failed to overcome 121.45/50 offers despite the broad dollar gains seen in the wake of the US data releases. Data was largely better than expected but this had only a minimal impact on price action, with standing Japanese offers capping the move high.
Sources note sizeable flows between 121.45 and 121.50, with one Japanese name alone reportedly having USD 1 yard to execute, while a number of other technical based accounts and model funds are also emerging here. Further offer are seen at 121.60/65, 121.70/75 and towards the 121.87 level, which is a March 2003 high.
Elsewhere, EUR/JPY is beginning to recovering from the early US mark down, with CTAs and proprietary names coming back into the market after stops were filled down to 156.55. The market is looking for an eventual run back into 158.00. Traders note offer from 157.35 up to 157.50, which have capped European morning gains.
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