Poor bank earnings reports this morning are helping knock the S&P lower and EUR/JPY is falling with it.
USD/JPY has fallen through support at 93.25, setting off a fresh round of stop-loss orders. Traders reported some interesting price-action the first time down to the 93.25 level earlier today with Japanese exporters showing up on the bid. That is not their natural side of the market as they typically buy yen to repatriate earnings, rarely selling yen. It raised some eyebrows in London, to be sure.
Support is eyed at 92.70 and 91.70, the trend low, on further dips.
