Risk aversion is the theme this morning with Greece back in the headlines. This is helping prompt further profit-taking in USD/JPY and JPY crosses after last week’s strong rally. Slightly easier US bond yields compared to yesterday’s trend highs are a small additional negative.
Keep an eye on the 125.45/50 level, as large stops lurk below that level.
Same for the 93.77 level in USD/JPY (the old high). Stops lie at 93.70.
