USD/JPY reached 89.60 as dealers gunned for the stop-losses just above the 89.50 level. There was no follow-through, and prices slid back to 89.25 quite quickly.
Supporting EUR/JPY aside from rumors of central bank action in the markets this morning are moderating losses in US equity markets. The S&P is down only 8 points now after falling 21 at the open.
90.15, the post-expiry high on Wednesday is now the next key point for USD/JPY technically. More stops are eyed above that level.
