USD/JPY like a snake in the grass as it peeks over 99.50

USD/JPY continues to lurk around 100 after slipping as low as 99.24 in US trading.

Waiting for the big figure to break has gotten a bit boring but the lack of a big pullback after Monday’s failure is a mildly positive signal. There has been some chatter about semi-official bids.

The first levels of technical resistance are the Asian highs at 99.72 and 99.76. A break through those brings us right back to the doorstep.