EUR/JPY has been under pressure for much of the session, as has USD/JPY, with talk of repatriation of the proceeds of large European bond maturities a dominant theme today. The cross next finds support at 131.82, the 20-day moving average.

USD/JPY has not been able to reestablish its footing above 91.00 despite several large buy orders in the last 90 minutes. Bids are seen between 90.60 and 90.80, traders report. We trade now 90.87.

Some “traditional” (hearkening back to the old days of mid-to-late 2009) risk aversion appears to be at play today as US equities experience their deepest correction in weeks. The S&P is down 1% at 1135.