The dire state of the Japanese economy has taken centre stage and the JPY is starting to weaken across the board from an overbought position. Technically, USD/JPY should settle into a short term 92-102 range and EUR/JPY is looking to recover some more, with a bullish bias inside a 120-135 range. (Charts to come). Even more interesting are the high-risk crosses such as GBP/JPY and AUD/JPY. With the retail market said to be solidly short the JPY crosses, look for a major recovery to materialise now that the equity market/JPY cross relationship has been broken.