USD/JPY at 89.65 is exactly where it was when I arrived 4 hours ago, recovering from an earlier brief dip.

During yesterday’s aggressive sell-off I had a friendly wager with one of my old mates in the U.S. who works for a forex subscription service. At 89.70 I said we’d be closer to 90.70 than 88.70 come this evening. You can imagine his glee when the pairing promptly crapped out below 89.00. He took great joy in ribbing me no end. My reasoning was that I see a better than expected US jobs report boosting US yields, quite simple. Now I’ll just have to hope that the nfp number is real good.

Talk of sell orders up at 89.90/00.