Chatter about heavy bids below in USD/JPY
There are rumors that Japanese non-manufacturers have heavy bids near 123.00. That might help explain while USD/JPY downside has been relatively well contained despite the rout in stock markets (S&P 500 -36 points now) and drop in Treasury yields (US 10s -6 bps).
Otherwise, there is chanter about stops below 122.85 with more bids at 1222.25 and 122.00 but that's a long ways away.
Nikkei's Japanese manufacturing PMI is due later. Check the economic calendar for the rest of the schedule.
