And just like that, the 108.00 level gives way in USD/JPY
USD/JPY falls to lows not seen since last September
It's been coming since the Nikkei started to turn on its head earlier in the day, but we've finally seen it give way. It's going to be a slippery slope for USD/JPY if we close below the 108.00 level today.
The daily chart that was mentioned earlier will be the one to watch and the September lows of 107.32 will be the final defensive/support level for the pair:
If that breaks, a move towards 105.00 cannot be ruled out at this point - as this itself looks to be a rather self-fulfilling risk aversion trade.