USDJPY is supported by Asian central bank reserve balancing between 104.00 and 103.60. The Asian name has been a very heavy dollar buyer, particularly against JPY, which has slowed the pace of any JPY gains. The activity fueled quasi-official rumors earlier, but these were not given any credence by Japanese houses. Also contributing to the support under 104.00 are option related buyers ahead of 103.40-50 outstanding exotic exposure.
