FXstreet (Barcelona) - The USD/JPY has rallied further during today's Asian session, reaching a maximum several pips shy off 94.00, to drawback towards next support line at 93.35; the pair seems to hacvve opened a consolidation period between these two levels.

Rallying to the top of the large Ichimoku 'cloud', as expected, and likely to hover around here today and tomorrow capped by January's high at 94.65. The US dollar is overbought and surprisingly one-month at-the-money implied volatility has dropped to 15.20%, its lowest since September last year.