The beauty of having sell orders at 90.00 from customers is that you can “bravely” sell boatloads of dollars against your order book and use your orders as a natural stop-loss. If you get lucky, like today, you can scoop in dollars on the dips. That’s been the story this afternoon as those who were able to lean against order flow at 90.00 and above were able to buy back dollars at 89.50 and prompt a small bounce from that level. USD/JPY drifted back up to 89.70 once the supply reemerged on the dips.
Stocks are eying the dollar more than the other way around today, and when USD/JPY went bid from 89.50, stocks bounced from lows. Stocks will likely lead the dollar by the nose for the next 30 minutes until cash trading closes on Wall Street.
