Yen crosses bounce from the lows
CAD/JPY and CHF/JPY are leading a broad rebound against the yen.
Yen crosses were hit by a quick flurry of selling ahead of the London fix and spent a couple hours chopping sideways afterwards but have now begun to recover. They're being aided by a solid tone in the stock market with the S&P 500 up 20 points.
The Canadian dollar is catching a solid bid despite oil falling to $45.09 from $45.85 earlier. It's more evidence that flows, not fundamentals are dominating the picture. CAD/JPY has rebounded to 89.62 from 89.25.
The pound, US dollar and euro are also making a bit of headway against the yen. CHF/JPY is particularly strong as it recovers to 123.00 after a quick 50-pip rout earlier.
There's no sense trying to make sense of moves at quarter end (or tomorrow with the start of a new quarter).
