USD/JPY is treating the bulls harshly this first day of the fiscal year. The pair began to rally around midday in NY Friday as fiscal year-end JPY buying came to an end and ran as high as 83.28 before beginning a swift descent.

We hear a Swiss bank was a large seller from around the 82.50 level in recent trade while there has also been solid sales of EUR/JPY pushing that pair to a fresh session low as well. EUR/USD has slumped back below 1.3300, now at 1.3286.

1.3251 is next support for EUR/USD.