Major Yen crosses take another hit-check out the EUR/JPY

The EUR/USD has now taken out stops below 1.0798, as alluded to in the previous update. However, at the same time the USD/JPY has taken another hit to the downside, as the Nikkei futures crumble below 37,500. The upshot of all this is that all the major Yen crosses have just got whacked again and now the EUR/JPY is approaching the lows seen much earlier during the Asian session. It is a similar path for the GBP/JPY right now too as the GBP/USD also falls further below the 1.28 handle at the same time as the USD/JPY falls below 149.50. The EUR/JPY fell earlier to a new interim low at 160.89. It is just now trading at 161.27