USD/JPY bounces; 123.80 resistance eyed

  • USD/JPY has managed to recover somewhat after comments from BoJ Governor Kuroda have sent the pair 200 pips lower yesterday
  • BoJ is not happy with USD/JPY above 125 and that should cap the topside for a while
  • A 122-125 range seems likely in the near-term
  • Only strong US econ data and/or a hawkish surprise from the Fed could help push the pair to fresh highs and above 126, but that does not seem imminent
  • Intraday resistance at 123.80; above there 124.60

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