FX Update- USD/JPY
USD/JPY has been relatively resilient, despite the slide in U.S. equities, but has been able to crack the 109.00 level where Japanese offers are said to be parked. USD/JPY has found solid support ahead of 108.50 throughout today’s session. U.S. investment house bidding interest has been noted on dips through the session, which most recently has been linked to GBP/JPY short covering interest. That cross has bounced more than 100 points to 203.60 from earlier lows, though still remains down 350 points from intraday highs. USD/JPY sell-stops are touted at 108.40 and 108.20 now, though would appear to be out of range for the time being.