Japanese exporters were spotted selling on the rally to the 134.50 level in EUR/JPY and traders say they are on the offer at 91.50 in USD/JPY as well. If those offers are absorbed, look for stops above 91.65 to be triggered. This will signal to short-term traders that USD/JPY has bottomed at 90.10.
EUR/USD is slipping on profit-taking, being dragged down as well by heavy sales of cable. 1.6235 is next support for the pound. We are testing the 76.4% retracement of the 1.6115/1.6740 rally as we write at 1.6262.
