USDJPY is looking a little volcanic at 113.00

I’m watching the PA around 113.00 and it looks to be setting up for a big blow through

Given the offers, stops and barriers around there, and the fact the buyers just won;t leave it alone, I’m getting the feeling that if it goes, we’re going to see a substantial move higher.

If it does hold then the time factor could come into play as the buyers get frustrated and take some money off the table. I shouldn’t think we’ll drop back far but we might see a move under the recent support around 112.75/80.

Update 11.45 GMT: Should we see a break up, the next possible resistance I see is around the 113.50/60 area