USD/JPY holds firm after successfully clearing offers at 119.50/55. The market is targeting the 120.00 handle on a positive fundamental picture and a pick up in speculative activity. Sources have noted a pick up via the options market for 120.00 strikes, which has added to the supportive dollar tone as gamma related activity is pushed through.
The JPY crosses have also come back bid after experiencing some corrective price action in the European morning. Progress on the topside should remain slow given the outstanding offers from 119.75.
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