USD/JPY trades with a firm tone at 90.40 despite risk aversion resuming today. Earlier talk of Chinese demand below 90.00 helped prop prices and dealers remain wary of potential Japanese intervention should the JPY strengthen too much. In the last few minutes we’ve picked up whispers of very large demand for upside strikes in USD/JPY calls (bullish USD bets) as well as talk of demand for USD/JPY at the upcoming 16:00 GMT. 90.75 is resistance near-term; a clump of stops-loss buy orders is rumored just above.