Traders wonder whether their is some Japanese official interest on dips now in USD/JPY. There were vague rumors of the BOJ checking rates yesterday afternoon and we’re bouncing pretty sharply now, so some wonder whether Kampo or some other Japanese body is trying to stem the tide of JPY buying. USD/JPY bounced nearly 40 pips to the 89.22 level before stalling.

EUR/USD has bounced along with EUR/JPY after the single currency made a new low for the trend at 1.3585.