USD/JPY is edging lower once again as Japanese supply lurks over head from exporters. Traders say offers parked at 96.50 last week have been lowered to 94.80 today. Compounding USD weakness versus the JPY is the usual risk-aversion trade as well as slumping US yields. Traders reported strong interest to sell USD/JPY at the 15:00 GMT fixing.
Stops below 94.3 have just been triggered in the latest rush to the downside. 94.25 lows were recorded. Larger stops are seen below the 94.00 level, traders report. We trade now at 94.29.