USD/JPY, offers clustered 102.25+ cap rises (Barcelona) - USD/JPY managed to claim marginal new trend highs in Asia, however, solid offers clustered above 102.25 disallowed further progress on the USD, which came down to test levels sub 102.00 before stabilizing circa 102.05/10.

According to Sean Lee, Founder at FXWW: "Earlier in the week the big prime brokerages were reporting heavy sell orders starting above 102.25, and it looks like they are still there as 26 was high."

Technically, "having broken 102.00, the way is now open for a run towards the May high at 102.53, and beyond that would see a run towards 103.00 and the 103.73 target (21 May high)" notes Jim Langlands, Founder at FXCharts. On the downside, Jim notes "101.95/102.00 will now be the initial support below which would see a run back to the rising trend support, now at 101.25."

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