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Keep an eye out for USD/JPY to see it if takes out 146.95
As the European stock markets now fall back into the red and the US stock futures slide further, the Yen has made ground. This is all mostly due to mounting risk aversion, seemingly in place again now this morning. Hence, the earlier Asian rebound from a low at 147.09, to above 147.70 is now giving way to fresh downside, as this update it typed. It has not taken out that earlier Asian low yet, but it is now far above that level. Beyond that we have the lows seen on Friday, at 146.95 and 146.96 (noted here earlier today). If this level of risk aversion increases, then it might be unwise to rule out a test of those lower levels and a potential relapse below them. The USD/JPY is right now trading at 147.22
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