USD/JPY is not far from the 95.00 area where prices bottom in Asia overnight. Traders report very large bids in the 94.75 area which should contain any weakness intraday.
The dollar is taking a technical bashing nearly across the board today but the euro is the leadership position. Commodity currencies have not rebounded nearly to the extent that the single currency has. AUD is in the low 79s and USD/CAD still trades on the 1.1500 handle.
What the attraction is toward the euro I can only speculate. It is my guess that bank funding jitters are being papered over by the term-refi operation which will take place tomorrow. EUR/USD trades now at 1.4090.
