The USD ends the first day of the week on a high note making gains against the majors with the exception of the Yen; analysts note that the USD/JPY is holding below the monthly opening range suggesting a technical correction is finally in play. USD/JPY high prints overnight at 99.42 failed to find stops said to be resting above the 99.50 area and weakness in Yen cross-spreads pressured the rate all day. Low prints in late New York at 97.64 cleared stops resting under the 98.00/10 area taking the CTA’s and black-box traders to the cleaners; the rate never managed a bounce of any significance suggesting that a test of the 50 day MA is now in play around the 97.20 area.
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