USD/JPY is well supported into the US session, with the pair trading just shy of the 118.50 level. Offers at 118.50 have capped throughout the European morning amid reports of option related offers and exporter interest. Bias remains on the topside, with the dollar ending the week on a stronger footing.
Background JPY weakness in the crosses has been a supportive factor and likely to see 118.60-118.75 offers come under pressure. Exporter interest is reportedly heavier into the 119.00 and should ensure any move higher remains restrictive. The market focus will turn to a slew of US data releases, which include US PCE, durable goods and Michigan sentiment.
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