USD/JPY: Bounces On Quasi-Official Cooperation

Dealers report at least two quasi-official entities on the bid into the 119.00 level to help protect the downside in USD/JPY. As a result of this solid bid-wall spot has bounced and the price is now looking to re-test the 119.55 European morning high. This bounce has forced EUR/JPY to attempt a rebound and the Euro cross has snapped back from the 156.25 lows only to find renewed sellers into the 156.50 area.