The Dollar/Yen remained hemmed in narrow ranges as traders were unsuccessful in their attempts to push the dollar through key technical resistance.

The sharp rally on Wall Street is filtering through the currency market and lifting the U.S. dollar.

This is just positioning within ranges but I still think the dollar is going higher.

Traders normally try to use the supply story to push rates higher.

The headline number was much higher than anticipated. However, if you strip out the transport component, the number was a little soft. This number is notoriously volatile.

Ongoing fears of possible Bank of Japan intervention combined with renewed rumors of a possible downgrade of Japan's credit rating also weighed on the yen.