Traders report that China is on the offer at the 95.30 level, which is coincidentally the 50% retracement of the drop from 98.90 to 91.75 from the beginning of June until the middle of July. Just above that, 95.45 is the 38.2% of the drop from 101.45 back in April.
Traders say there has been a fair amount of short-covering in USD/JPY today but that the bulk of that action is over.
