USD/JPY is coming under increasing pressure, presently testing technical support at 98.85. Below here, next technical support of note comes at 98.50, and we’re hearing that sell-stops are gathering just below that level.
There are ongoing reports of Japanese asset managers selling the JPY crosses, especially EUR/JPY, as they let bond holdings in Europe expire and repatriate cash back home. This is weighing on the USD/JPY pairing.