Equities are rallying strongly. US bond yields are at their highest level in weeks and commodities are perky as well. A risk-on environment in which USD/JPY should prosper, right? Yep.
Not happening today, though. Looks like the market is well-long of USD/JPY and is getting out since the risk rally is giving them no joy. Bids are seen down through 88.00, traders report.
Stops lie below that level and below 87.90 as well. USD/JPY has dipped as low as 88.08.