A 500 pip rally after a 2500 pip fall is not the time to be getting too bullish!
We are seeing aggressive short covering particularly in GBP/JPY from an overly short and nervy speculative market. I suspect that most of the weaker stops have now been done and any further gains in the JPY crosses will be more hard fought.
Japanese corporates have reportedly set their first layer of offers at 105.00 and these levels are usually tough to crack, on the first attempt at least.
The post USD/JPY: 105.00 will be tough to crack appeared first on www.forextell.com.