We haven’t focussed much on the risk-on, risk-off trades in recent months but they are still relevant and the market tendency when stocks are higher in Asia is to buy the JPY crosses. If this pair is to generate any sort of bullish momentum then it must take out the last two trading day highs at 109.75 and 110.25. Gains have been modest so far, up 25 pips in the last 45 minutes.