Forex: USD/JPY rises 60+ pips from 88.12 to 88.74

FXstreet.com (Barcelona) - The Japanese Yen has been dumped abruptly in the past 15 minutes of trading, in what appears to be a ferocious battle between sellers, who managed to break down the 88.30 earlier in Asia, and buyers, coming back with earnest to now challenge highs of the day, with the spot rate at 88.70. The pair is up 35 pips or 0.22% on the day.

The vigorous rotation higher comes just minuted before Tokyo close, and as far as headlines go, there is no particular catalyst explaining the rise, other than just strong flows selling the Japanese Yen. Buyers have their next challenge at 88.90/89.05, Jan 15 upswing/Jan 14 low, key level that sellers will try to defend no to expose further upside, potentially leading to a retest of highs.