stock market losses

Despite the heavy stock market losses, [USD/JPY] has done well to hold its ground, grinding a slow patch above 97.00, though struggling to improve on the 97.71 high posted a few hours ago. Players noting some good offers ahead of 98.0, though the real upside test will come at 98.30-32 - the o/night high. The USD has been a winner through the day, but in this pair, it stuck inside 96.00-98.00 limits. Option related offers do not really feature until the high 99.00's.