USD/JPY has retraced about half the bounce from the 115.87 level put in place since the Friday lows and trades now at 118.65. A break below 118.42 Fibo support sets the stage for a test of the 61.8% retracement down at 117.85. Profit-taking in US equities and a failed top-side breakout in EUR/USD are helping pressure the cross this afternoon.
