The JPY crosses are proving to be very stable at lofty levels with GBP/JPY now consolidating well above 160 and AUD/JPY trying to form a foothold above 80. The USD bears are being cancelled out by the JPY bears which should mean that USD/JPY continues to range trade both in the short and medium term.
Dealers report decent buying interest at 97.00/25 and offers are expected to be firm at 98.50/75.