The S&P was down by 1.2% and Asian markets will probably follow this lead. Fridays are usually a bit nervier than other days as traders are wary of holding on to risk over the weekend. We’re already seeing the JPY crosses under pressure in the twilight zone and I expect this mode to continue if equity markets start heading south. There’s not much in the way of technical support or resistance in the JPY crosses after the wild moves of the last week so keep positions manageable and stay mobile.