Slow decline in USD/JPY the story so far
European traders have been steadily selling USD/JPY since they arrived. The pair ticked off 102.50 early in London but has sagged as low as 102.03 in the past hour.
It's currently at 102.12. There are $825m in options running off at 102.00 so that could keep the pair locked around these levels for the next hour.
If 102.00 breaks, the post-NFP low of 101.72 could be under pressure but it will also depend on which way the bond market breaks. At the moment, US 10-year yields are down 0.6 bps to 1.58%.