After touching 122.00 earlier this morning, EURJPY reversed and gained momentum for a shot at 123.50, falling just short. Over the last hour a bout of YEN buying across the board has seen the USDJPY and EURJPY sold off as the Nikkei saw loses over 3%.

Look for more of the same this afternoon with EURJPY in a 122.00 – 123.50 range.