With stocks down 275 points and confidence in the financial system at a low ebb, focus remains on the EUR/JPY downside. A quick probe below 148.00 was seen a short while ago before prices rebounded. A break of the important zone of support in the 147.00/50 area is needed to open the way to a directional trade. In the meantime, choppy range trade in a very wide 147/151.50 prevails, depending almost entirely on the direction of US shares.