The Dollar is taking a hit after the US data (Oct Durable goods fell 8.3%) and macro sellers of USD/JPY have combined with the usual interbank suspects to force USD/JPY back towards 116.00. 116.04 is the post-data low, down from the 116.42 into the release, but bids into 116.00 will attempt to offset further Yen strength.
Factor into the equation the continued EUR/JPY buying, as the market looks for a clean 153.00/05 break, and further JPY strength could be tough to hold. Both GBP/JPY & CHF/JPY are close to 8-year highs and showing little sign of reversing course. Therefore, buying into the USD/JPY dip could offer short-term accounts some value.
London players note that a break into the 115's will need to clear 115.90 bids before encountering stops, however, should these be triggered then the pair could start to get interesting.
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