USD/JPY is finding support in the low 116's. The pullback in the wake of weak US durable goods and orders failed to knock USD/JPY out of the range and interbank names have been keen buyers. Standing bids at 116.00 have been Japanese in the main and there has been some tentative option related interest, which has fueled the usual gamma related speculation ahead of the NY cut.
Bids are scattered from 116.00 down to 115.90, with light intra-day stops below. Larger size bids are seen from 115.80 and at 115.50, with importers and further regional interest noted. Offers of note lie from 116.40 up to 116.55/60, with stops above the latter.
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