USD/JPY did not benefit from the risk rally but it sold off immediately on the down tick in risk sentiment that accompanied the ADP data. It dipped as low as 83.66 this time, so far holding onto support around 83.60. Traders say that barriers at 83.50 are being defended.
Troubling reports to the bulls out of Tokyo late yesterday and early today that Japanese exporters and life insurance companies (big overseas investors) have been steady JPY buyers will dampen enthusiasm for any bounce in the JPY pairs.
