USD/JPY drops back from early high above 154.35

Apart from what has been posted there are no fresh catalysts.

USD/JPY rose on early demand, said to be mainly from Japanese buyers. The rally coincided with the Japanese morning and into the Tokyo fix, so that looks likely.

Since then its dropped a big figure or so.

Looking ahead for the session, notable option expires due at 10am NY time include circa $1.5bn around 154.00, and between 153.40 and 153.50 there are $1.1bn in expiries.

This article was written by Eamonn Sheridan at www.forexlive.com.