USD/JPY is being dragged higher this afternoon by very robust US stock prices as the S&P breaks clear of the area of support around the 875/880 area. Since the Asian session, USD/JPY has been unable to overcome resistance in the 92.90s but with three-downside probes of the 91.70 failing to break down, odds of a short-covering rally look to be building. If USD/JPY breaks above 93.00, don’t be shy about booking profits in the 93.50/60 area where more substantial resistance lies. We trade now at 92.89.