USD/JPY managed to reach the stops below the 91.60 level but found buyers at 91.50 and has bounced. We trade now at 91.65. We still like selling rallies for a an eventual dip to 91.00. Set stops above 92.30.
Keep an eye on US yields. The more they ease, the lower USD/JPY goes. US 2-year notes are back toward 1% in yield after reaching 1.21% on New Year’s Eve. It trades now at 1.02%.