USD/JPY has overcome the 95.50 after absorbing good selling in the 95.40s. The sudden lurch out of the range has brought in a slew of options-related buyers. Typically range-bound markets prompt traders to sell options which force them to hedge positions when ranges are unexpectedly broken. Firmer US rates and improved risk appetite is helping.
USD/JPY has been up to 95.68 so far. Look for bids now in the 95.40/50 area on dips. 96.05/15 is resistance on the daily charts.
