Japanese buying and option-related bids are behind the bounce in USD/JPY from 119.06 lows to current levels of 119.27. Offers are now at 119.50 with stops above with more selling interest ahead of 120.00 with stops above. On the downside, stops are reported under 119.00 with more buyers under this level, and larger stops are tipped under 118.80.
Traders see USD/JPY however still holding in a 119-120 range with cross demand still underpinning USD/JPY. Option strikes due on Wednesday are at 119.10 and 120.00 that will also help contribute to range trading. Dealings are fairly subdued now after a hectic morning.
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