has climbed to 117.42 with traders reporting that US funds are now covering shorts after they sold USD/JPY at 116.80 earlier this morning. Option traders are also still scrambling. USD/JPY is getting close to the base of the Ichimoku cloud at 117.57, and on Monday, this level becomes the top of the cloud. A close above that level would be bullish for the USD/JPY for Monday, particularly with the break higher in CAD/JPY, AUD/JPY and GBP/JPY today.