Every super-trend experiences the odd bump in the road. The USD/JPY trend is experiencing a few bumps today.
- Risk aversion is up on PMI drops in China and the euro zone
- US yields have dipped from recent highs as risk aversion ticks up
- Japan reported a trade surplus last night after several months of deficits
- The fiscal year-end is right around the corner, resulting in some repatriation.
UPDATE: Goldman Sachs advised clients to sell USD/JPY, looking for a 79.00 target.
Important support comes in at 82.32, the hourly uptrend drawn off the early February lows.