So much for an Obama bounce. Stocks ended down another 5% today, after a similar slide on Wednesday. On the bright side, a less-putrid than expected employment report could set off a pre-weekend short-covering rally.
EUR/JPY has softened in its range but it is not as weak as one would expect given past correlations. There does seem to be some intervention concern in USD/JPY and EUR/JPY as Japanese corporates scream for exchange-rate intervention to help save their bacon.
123.47 is next support of note for EUR/JPY. More lies at 122.18. If the Nikkei has another spasm tonight, those levels could come into play.
