USD/JPY has steadily ticked higher this afternoon/morning, depending on where you happen to be sitting. The move comes with general sentiment seeing some improvement, the JPY giving back some of its’ recent safe haven gains.
The improvement in sentiment comes with signs US home price drops are moderating; with US consumer confidence jumping most since 2005; and with the Richmond Fed index rebounding.
It’s a fragile thing this improved sentiment, and it certainly wouldn’t take much to turn it right on it’s head.
USD/JPY sits presently at 96.60. Earlier today I heard reports of sell orders lined up at 96.80 up through 97.00, but didn’t really get a feel for size.