USD/JPY has been running into steady selling at the 90.55 level throughout the afternoon the market apparently trying to trim some long ahead of the weekend. Rather than gaining momentum above the 91.00 level this morning, USD/JPY drew sellers out of the woodwork and slipped quickly back to the 90.28 level before rebounding. Model funds were said to have been the most aggressive sellers, from what we hear.
USD/JPY trades quietly now around the 90.45 level.