Sizable flight to the yen, perhaps as as the quarter-end repatriation cycle begins, tripping stops below 78.90 after the Tokyo fix. The 200-day moving average at 78.77 looms as further support with demand seen at 78.50. A test of that level seems likely to these eyes — perhaps on QE3 or Twist.
EUR/JPY has fallen back below 100.00. Stops seen below 99.00.
