There is still an air of risk-aversion in the financial-markets air and with positioning still overly JPY short, it’s no surprise to see traders chasing after trailing stops in the JPY crosses. USD/JPY is still managing to hold above 101.80, with the help of central bank and semi-official bids, but it’s safe to assume that there are plenty of stops sub-101.65/70.
Elsewhere the AUD looks reasonably solid on the crosses, making decent gains against the EUR and the NZD.