That move on USD/yen from above 111.40 to lows circa 111.25 being blamed on:

  • the lower Nikkei
  • some stops on long USD/JPY

I am always wary of the stories we hear, even more so when the move is minor like this. Still, FWIW.

Levels ahead:

  • offers clustered 11.50/60 still
  • bids begin to thicken 110.80/85