- USD/JPY is retracing lower but base continuing to rise, maybe too fast.
- Post-Tokyo Gotobi fix retracement low 117.99, bid again, speculators eye 118.50.
- Some optionality eyed at 118.50, 119.00 but amount maybe not so large.
- Big figure resistance topside but no techs till 119.84 Aug ’07 high.
- 120.00 seen chock-a-block with optionality, large stops above.
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