JPY traded on a supportive footing after Asian equities traded on an easier footing. USD-JPY traded under 95.00, although losses were limited to 94.87 due to option related support amid a large 95.00 expiry due to roll off later today. EUR-JPY traded in to 136.45 as a result, although downward momentum has been lacking due to the backdrop of improved risk appetite generally of late. Concerns over the Chinese market should limit JPY selling pressure in the near-term, while excessive market positioning could also encourage further corrective price action particularly via the JPY crosses. GBP-JPY has been an outperformer of late and could have scope for softer levels despite giving back over 150 pips from its 162.13 peak. Meanwhile, AUD-JPY also headed lower and pulled back from 80.80 yesterday to trade at 79.67 in early Europe. Elsewhere, some USD-JPY players have turned bearish after a leading investment manager was a good seller on Tuesday, reportedly establishing a fresh short, while there were reports of long-term bear selling of USD-JPY.