USD/JPY: Stops Filled On 121.50 Break

USD/JPY stops have been triggered on the spot through 121.50, extending to a 121.59 high. Offers between 120.60 and 120.70 are currently capping prices, yet pullbacks have been limited throughout the European session. Macro buyers and ongoing leverage account activity has the market directly focused on 122.00 option triggers, which are reportedly very large. Sellers are lined up all the way up to this level but at this time interest is only providing limited defense.