For a short while, EUR/JPY broke free of its shackles and rallied while equities were in the midst of a sell off. It looks as though it were a one-off order in a thin market, and once filled, the cross quickly slipped back below the 138 level. The cross squeezed out some intraday shorts in the process, sprinting to 138.60. 137.00 remains important support on pullbacks.
In USD/JPY, dealers have noted several flurries of US buying, mainly from custody accounts. Looks like US investors continue to bring money home amid unsettled markets.
