USD/JPY traded to a low of 90.20 on Friday night and closed in NY at 90.65. It is now back at 90.35 in early interbank trade. The heavy stops which we talked about last week have taken their toll and I suspect that USD/JPY may have much further to fall. The next major technical target is 300 pips away at the 87.10 double bottom. The EUR/USD is trading at 1.4595 which is also slightly firmer than its NY close.
Good luck today.
