check usd/jpy (risk on) eruo/chf (risk off) USDJPY has hit bott

So I am going to call for a bounce, b/c:

1) I think enough punters will buy the idea that this is a one-off slowdown set of data (whatever we might think is the case),
2) yields on Ts are seriously unattractive here. That can get you a three week rally until the next lot of data rolls around.
3) In addition, QE2 is still in progress.
4) Perhaps b/c of 3) there is little to no indication of credit stress in the US.
5) I also believe that USDJPY has hit bottom and that JPY can take over carry trades for a while.

The big unknown is of course Eurobolleaux™ (hope that catches on).