USD/JPY has fallen back as low as 91.10 with pressure building most of the morning in Europe. Some are blaming maturities in European bonds for repatriation via EUR/JPY while others cite risk aversion. JAL, China pulling in the economic reins, take your pick.
In the bigger picture, we tried to break a months-long downtrend last week and failed and are now seeing a significant retracement. 90.60 and 90.15 are support levels below the market.
