DailyFX: Euro and Yen Continue to Churn

Having ground its way to 119.91 during the Asiansession, USD/JPY couldn’t quite make it above the psychologically important120.00 level as speculative accounts defended a variety of option barriers atthat price. With no economic news from Japan to move themarket,  the yen traded mainly on technical considerations but by midday Europe the 120.00 targetwas just too tempting to ignore for dealers looking to run stops and the pairratcheted to within 2 points of hitting that level and as we got to print justtook it out. 
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