If you told me at the start of the day that the S&P 500 would fall 40 points and 10-year Treasuries another 6bps, I would have bet almost anything that 101.20 would have cracked in USD/JPY but the pair has hardly moved in the past four hours.
USD/JPY daily April 10
The orderboard shows strong bids at 102.20 and 102.00. BAML was talking about selling USD/JPY below 101.81 earlier.
