Both USD/JPY and EUR/JPY are trading down again. USD/JPY is indicated at 123.38/41, just shy of the 123.34 seen on the first wave down early this morning. Bids remain from 123.30 however from option players who also have offers from 123.80. Japanese importer bids are also likely from 123.30 towards 123.00, an attempt to buy any dips ahead of month-end. Some stops are eyed below 123.00 but these may still be out of the market's range barring fresh news or economic data.
EUR/JPY is back down around 166.10, just shy also of its early low of 166.00. Support remains down to 165.90-95, 165.93 the spike low in London overnight. Some stops are eyed below 165.90, and this may be the current spec focus with JPY still in retracement mode. As was the case earlier today, dip- buying could see the cross bounce later. Offers are strong up at 166.60-70 and ahead of presumed option barriers at 167.00.
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