Once more the bottom of the cloud near 97.55 has proven a step too far for the bears and we now look to the topside to see where possible trailing stops might lie. Spike highs at 98.55 are the obvious level above which there might be stops, but sell orders are still being reported near 98.60/65.

Remember also that macro-funds have been selling the Yen crosses, GBP/JPY and CAD/JPY have been mentioned, so I’d expect any stop-loss driven spikes in USD/JPY to be good selling opportunities.