The early gains in USD/JPY, to 80.63 have evaporated with the pair now unchanged at 80.45. Flows are light.
EUR/JPY has slipped down to 100.84 as growth concerns remain a dominant undercurrent. I expect the weekend NYT story on falsified Chinese growth is likely weighing as well. S&P 500 futures are down 0.4%.
Thursday EUR/JPY touched precisely the 38.2% retracement of the April-May decline. This will be critical for euro and yen crosses in the week ahead.