USDJPY posts new highs not seen since March

USDJPY on the march higher again 11 July

Yesterday I highlighted sizeable option contracts between 114.20-30 that were likely to cap further USDJPY rallies until expiry but that the pair was underpinned overall.

So it proved but now we've seen a few stops triggered through 114.30 to post 114.43 in a rush. We were near here in early May but haven't breached 114.50 since March where now more offers lurk.

Sell interest behind that at 114.80 and larger into 115.00 where once again we have decent expiry interest as I posted yesterday.

Expect 114.20 to now provide initial support and larger into 114.00.

Still good two-way business for the intra-day traders but the pair remains underpinned.

USDJPY Weekly