EUR/JPY selling accelerated with the loss of support at the 117.60 level with prices falling quickly to 116.80. They’ve since stabilized and have bounced back to 117.50. Look for offers just above present levels.
Financial stocks fell double digits in percentage terms today, down over 20% in many of the big names, dragging the Dow and the S&P down 5.5 and 6.7%, respectively.
It is likely to be an ugly night in Asia tonight. Crack a cold one and watch the JPY continue to lead the charge. 90.90 in USD/JPY and 113.60 are the major levels to watch ahead of the weekend.
