USD/JPY is rallying and has triggered stops above 114.50, despite the weak performance of equities markets today. The Nikkei closed the day 0.60 % lower and the European indices had a mixed day, while the S&P 500 is currently slightly in the red.
Dealers note that leveraged names were the main sellers on the move to 113.90, but the drop has attracted decent demand from Japanese investors. Demand then picked up at the NY open, with demand from US names.
Immediate resistance now seen at 115.00 and 115.50 remains the pivotal level to the topside for now.