Activity has picked up again with the JPY seeing good across the board strength, USD/JPY at 101.60 and EUR/JPY down at 135.50 at writing. It just goes to show how tenuous the improved sentiment is. Risk aversion still lurks in the shadows amid ongoing talk of deleveraging. EUR/USD was dragged lower by the EUR/JPY sell-off hitting a low around 1.3330 as aforementioned stops at 1.3370 and 1.3350 were triggered. We’re presently back at 1.3350. The market will now be waiting to see what Federal Reserve Chairman Ben Benanke has to say. The official is scheduled to address the House Banking Commitee about the economic outlook and financial markets, starting at 10.00 EDT.