Yen crosses under mild pressure as session gets underway
The market is still probably quite short of Yen across the board and we are seeing further profit taking this morning in fairly quiet trade. GBP/JPY has been one of the notable movers and a lot will depend on what happens at 79.50 in USD/JPY; are there big bids there or are the big trailing stops just below? My information so far suggests that there are some stops below 79.50 but solid bids around 79.25/35 should soak up most of the selling.
Sovereign bids are being reported in EUR/USD below 1.2900, although no amounts have been mentioned, and you can keep up to date with changes on the order boards in the members section.
Good luck out there!