USD/JPY slumping; large bid at 83.40

USD/JPY has taken on a weak tone after the data as US yileds fall back below 3.60%. We’re now down to 3.58%.

USD/JPY saw tremendous amounts of buying the last few sessions near 84.00 with no pay off, so it looks like a lot of what we are seeing now is long liquidation.

A large bid is seen on EBS at 83.40; Japanese importers are the presumed buyers. Look for stop-loss selling if breached, but bids return toward 83.10/20.