The JPY crosses are under heavy pressure in the wake of the 16:00 GMT fixing. USD/JPY was sold heavily at the fix and GBP/JPY sure looks like a victim as well.
88.55 is crucial support for USD/JPY amid chatter of a barrier option at the 88.50 level. We trade now at 88.87. Cable trades at session lows of 1.5235 with GBP/JPY at 135.40.
