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USD/JPY rises above resistance at 156.01 on the 4pm London fix

Well, perhaps it has been coming for a few days now, but finally the USD/JPY has taken out the technical resistance at 156,01. To remind the reader; that price point represented a 50% correction of the fall from 160.17 to the subsequent low at 151.86. The move through this level was pretty rapid and seemed to smack of stops and possibly systems buyers emerging once it gave way. The other possibility, is that this was driven by a dollar buying order for the 4pm London fix, as that is when the dollar took off. The high seen so far has been set at 156.22. The USD/JPY is currently trading at 156.20 

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