EUR/JPY’s sharp slide has found some support at the 61.8% retracement of the 113.61/131.14 rally. That level is at 120.30. A break opens the way for a full retracement of the rebound. Risk aversion is running high on fears of a Russian devaluation, an extended global recession and continued deleveraging of the financial system, particularly the “shadow banking system” like hedge funds and private equity firms.
