USD/JPY has fallen quite swiftly by it’s slow standards and with regional bourses expected to fall significantly this morning, the risk trade is most definitely off. One dealer earlier in the week referred to stops below 91.50 in USD/JPY as being ‘capitulation’ stops. We are still over 100 pips above that level but there is a definite nervousness about the market this morning.
Sam will take over for the rest of what promises to be a busy session.
