FXstreet.com (London) - Yen has developed as the spotlight currency alongside Dollar, this has been particularly accentuated this week, with BoJ intervention news, when they added significant amounts of liquidity to the market, combined with the bright US jobs outlook. This has been reflected in market as significant bets are being placed on further volatility in the options markets. Dow Jones reports large straddle positions being taken on USD/JPY, effectively betting on breakouts either way for the currency.
USD/JPY pair currently quotes at 89.78/79. Pair has traded softly so far, as market looks for further cues on economic growth, and awaits Europe and US open, when most price action is typically generated.
We see strong support level at 89.60 and on the upside resistance can be found at 90.45, (Dec 4 Close).