Both USD/JPY and EUR/JPY look to be treading water now after some action earlier. EUR/JPY looks to have been the focus with stops above recent highs tripped earlier. The cross moved up to the 157.75/80 level, pulling USD/JPY up to 118.35/40. EUR/JPY later traded off on profit-takes and long liquidation, taking USD/JPY down with it.
The cross continues to see support around the 157.35 session low, just below the top of the Ichimoku cloud at 157.37. More support is eyed at 156.90-157.00, 156.93 the low in New York overnight. Topside resistance is eyed ahead of 158.00 but there is really no major technical level till the 159.63 record high seen on February 23. The bias here remains up with a large investment trust launch due tomorrow.
USD/JPY looks well bid but offers ahead of 118.50 option barriers from a large Asian name continue to cap it. Support below is seen firm from 117.50, a Japanese importer level and possibly a base for further tests up going forward. The overnight low was 117.64. USD/JPY currently trades 118.17/21, EUR/JPY 157.48/53.
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