USD/JPY ran into offers at the 89.90/00 level and has pulled back to the 89.60s. Dealers are quick to book profits given the severe volatility seen across the markets in recent weeks. They also remain mindful that the last time we edged through 90 we fell toward 87.00 in a matter of hours. Few see a replay of that move but once bitten, twice shy. It’s just human nature.
Stops are building above the 90.10 level, it should be noted and could be tested later today if equity markets retain their early strength.