USD/JPY pushed up to 118.83 despite the weaker than expected confidence number from the US. The Michigan survey showed 85.3 vs 88.4, which was in contrast to rumours of a strong release. However, the dollar was not impacted in an adverse way, with general JPY weakness underpinning USD/JPY.
Standing offers left since late on in the Asian session have managed to hold, yet the bias is clearly back on the topside as speculative accounts looks to pressurise stops above 119.00. It looks as if the JPY crosses will drive USD/JPY into the weekend, with EUR/JPY a short distance from barriers at 161.00.
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