Risk aversion is receding nicely with the S&P cutting its losses in half. Oil is still down sharply but above session lows in the $72 region. USD/JPY is recovering sharply, now at 87.65, up from 86.96 lows.
Throw in fears of BOJ coming to the rescue and traders are content to cover. 87.95 and through 88.15 is a solid resistance area.
