USD/JPY triggers small stops above the 89.50 level

USD/JPY worked through the crop of offers in the 89.40/50 zone and managed to trigger the weaker stops just above 89.50. It reached 89.57 before stalling and slumping quickly back to 89.35 after ringing the register.

Heavy buying of EUR/JPY from a UK clearing bank is getting the blame for the firmer EUR and the jump in USD/JPY. Stops are noted above 132.00.