USD/JPY: Stops Triggered Above 119.60

USD/JPY has rallied through stops at 119.60 to 119.67 highs with more stops but also offers seen mixed in on a move to 120.00. Dealers say that Fed Fisher's comments that he does not see a systemic risk from subprime was one factor helping the USD. The move up took EUR/JPY to fresh highs of 162.80 with offers still staggered up to 163.00 but with stops reported above this level. For USD/JPY, the options remain at 119.75 & 120.00 with stops above 120.00.