USD/JPY has steadied a little after the earlier sharp sell off.
When I parked my bum at my desk this morning the pairing stood around 94.65. It proceeded to sell-off as Chinese shares got hit ever harder and risk aversion rose. Well documented sell stops just below 94.50 were duly triggered, acclerating the sell-off to a session low 94.15. We’re presently back up at 94.25.
Sources note buy orders down at 94.00/10, with large sell stops said to be gathering just below 94.00. Sources also note a large 94.00 option expiry today.
