The USD/JPY pair fell rather precipitously during the session on Thursday, predicated upon poor economic numbers coming out of China. However, you can see that quite a bit of the losses were gained back, and as a result it does look like there is plenty of support below.
Besides, we simply do not short the yen related pairs at the moment because of the Bank of Japan. The 100 level still hold as support, as one would expect, and as a result we went ahead and started buying late in the day.
Written by FX Empire