The data fueled rally has taken USD/JPY to 118.33-35 from 117.20-25 and there is talk of bids building in the 118.00-10 area and again at 117.90. The balance of an initially tight Friday market has swung in favour of the US unit and with the data suggesting that the US economy is fairing better than some had predicted the Dollar should be able hang onto the bid.
However, to the topside, hearing of good offers pegged close to 118.40, which may already have capped the market. At push the dollar could reach 118.85 before the week is out but it remains to be seen if the volatility seen earlier in the week brings about an unusually quieter late Friday session.
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