A very disappointing session so far for the USD/JPY longs. The pair probed further above its 100 day moving average overnight in Asian, reaching 80.63 before reversing sharply as Asian stock markets came under pressure.
Stops below 80.00 sent the pair skidding and the market now has its eye on a zone of support in the 79.40/40 area.
The 10-day moving average comes in at 79.48.
Risk-off across the board is not helping USD/JPY a bit. US yields are down nearly 7 bp in the 10s, to 1.61%.
