USD/JPY lifted above the psychological 100.00 barrier in New York trade yesterday (around 6.50pm BST), and subsequently pushed up to 101.00. There was no obvious catalyst, but plainly markets have been waiting for a push up over 100 for some time. The strong USD move may have been related to speculation the Chinese authorities were contemplating lifting their proportion of USDs in their foreign exchange reserves, and in doing so, the USD buying has trigged a significant number of stops to accentuate the USD move.
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