USDJPY knocks out 113.00 but it’s making hard work of the gains

Durables were the kicker for the break of 113.00

That’s half true as we were trading in 113.00 into the data. That’s the barrier knocked out and if there were any big stops there, they look like they were cushioned by plenty more sell interest as we huffed and puffed up to 113.10, and then 113.20.

Further large offers are noted into 113.50, 113.80 and 114.00, and these are likely to be more exporter layering. 113.60 is an S&R level this year so could be a speedhump on this rally.

Break buyers will need to focus on 113.00 to become support now on any retrace.