• USD/JPY is currently trading around 108.75 marks.
   
• It made intraday high at 109.13 and low at 108.72 levels.
   
• Today Japan released M2 money stock data with positive numbers at 3.3% vs 3.2% previous release.
   
• Such data positively correlated with interest rates - early in the economic cycle an increasing supply of money leads to additional spending and investment, and later in the cycle expanding money supply leads to inflation.


• Intraday bias remains bearish for the moment.
   
• A sustained break below 108.62 will drag the parity down towards 108.04, 107.94, 106.15, 105.71, 105.45 and 104.55 levels respectively.
   
• Alternatively, a daily close above 109.32 will drag the parity up towards 111.23, 112.60 and 113.42 levels respectively.