USD/JPY: Churning Within Ranges As the Dollar Struggles

A lack of direction and again a lack of depth for USD/JPY through early Europe. Small bidding interest helped put a floor under price at 116.90 but gains to 117.15 reportedly met with Japanese corporate sales and the market is now churning within the range. Minor intraday trend support runs in at 116.85 while resistance is close to market at 117.20. There are more offers attached to the 117.20 level and these are rumoured to run through to 117.30.