FX Update- USD/JPY
Dealers have noted leveraged account USD/JPY bids in place under 107.80, which so far, have put a floor under the pairing into mid-afternoon dealings. The pairing has been relatively resilient despite weak equities, and overall, it appears most see upside risk to Friday’s employment data, and look to Wednesday’s better ADP report for guidance, rather than the perhaps distorted initial claims data released this morning.