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USDJPY initially led the strong USD charge......>

YEN
YEN: USDJPY initially led the strong USD charge among the majors, but is now
stalling just ahead of the 109.50 level, where option barriers are reported.
Negative divergence on intra-day momentum indicators point to the potential for
a near-term corrective pullback if the 109.50 level fails to give. However,
given the continued bullish medium term structure pullbacks should be limited. A
move below 109.20 would be needed to triggered a corrective dip back to 108.63,
from where the uptrend should be resumed and extended. Once above 109.50 the
200-dma at 110.26 will come into focus.

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