I like to look for moves which have a feel of capitulation about them and the sell-off in the JPY crosses after the bell in NY certainly has a little of that feel. EUR/JPY got really close to technical support at 133.50 but in spite of stops tight below there, the market couldn’t quite get at them. Perhaps what the NY equity market witnessed was the last of the nervous speculative longs bailing out and we can now revert to a normal up-trend recovery. I certainly hope so. I’m long EUR/JPY and have added some this morning. I will cut half of my position if the market breaks below 133.30.