Technicals and orders help to support USD/JPY
The low today in USD/JPY was 110.11 on two separate attempts, spaced four hours apart.
The failure to break lower created a double bottom with a measured target near 110.70. The high since then is 110.66, which is close to where we're trading now.
Aside from the psychological support, there are option-related bids near 110.00 with more at 109.80.
Technically, the 50% retracement of the rally since election night is at 109.93
Finally, note that Friday is Japanese fiscal year end so flows could be chunky this week.
