USD/JPY demand in the low 111.00's could form base for strong recovery

USD/JPY has made some steady gains in early London, having based out around 111.25-30 levels to generate tentative gains to around 111.60 so far.  Overnight highs at 111.80 are the immediate target here, and we are hearing some bullish calls being made here, which we can concur with to a degree.   Global stock markets look set to continue the slow grind higher, and as mentioned earlier on, fresh Japanese outflow in the new fiscal year also add to the prospect of higher levels.  We continue to anticipate resistance ahead of 114.00, but exporter offers will have been lightened both due to recent aggressive moves to the downside (below 111.00) and year end hedging, 

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