USD/JPY is holding up suspiciously well today despite broad USD weakness and a fresh low for the dollar index below 76.00.
Some cite yesterday’s vicious bounce from 88.01 as one reason for reluctance to hit bids while others note demand for EUR/JPY.
Look for a deeper squeeze if USD/JPY is able to overcome resistance in the 88.50/55 area. We trade now at 88.43.