USD/JPY has been in a choppy consolidating for the last several hours after getting the legs cut out from under it at mid-morning in New York. We tumbled 65 pips in about 15 minutes and have been backing and filling ever since.
Traders report some decent sales from real money accounts in the last little while but the sales have been absorbed by the market with relative ease. Short-term charts suggest another leg to the downside, however, with a target of around 93.70.
Options-related bids are expected on dips to the 93.70/80 area, traders report.
