FX snapshot: USDJPY remains boxed in

USDJPY is stuck between the big figures but focus grows on the 110 level

USDJPY finds itself stuck between 110.00 and 111.00
Rallies sold into heavily 110.80-90
Large focus gathering on the 110.00 level
61.8 fib of Sep 2017 swing becoming increasingly important at 110.14. Bids ahead, stops under
110.00 is also becoming a very big level
Large 110 barrier interest said to be from Japanese exporters, if busted, would remove large exporter offers 115.00-116.00
Strong bids also sitting ahead with large stops building on a break
Japanese institutional buyers said to be lurking under 110 may slow a break
100 WMA also sits at 109.92. A good break would target the lower end of the main 2017 range in the 108’s
Intraday, support sits at 110.50/60, 110.35/40, 110.20. 55 MMA at 110.62 could be important on a closing basis as the month winds down.
Up top, small stops lurking through 111.00 and a break back above would meet resistance around 111.20/25, 111.50 and old resistance at 111.65 (200 DMA 111.67)
The longer we go without breaking 111.00, the greater the chance we see 110 taken out
US Industrial production as good as it gets for the data. Government shutdown talks the bigger fish being fried for the rest of the week

USDJPY daily chart

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