Flight into safety of JPY?
Is it a flight into the safety of the yen with geopolitical terrorist concerns and Russian/Turkey tensions today. There is now a report of a hostage situation in progress in a French town near Belgium. Get used to it.
Technically, the pair has been more corrective lower since peaking against the underside of the broken trend line in last weeks trading (see chart above).
Looking at the 4-hour chart, the pair is making a break below the 100 bar MA at the 122.58 currently. The low from November 16 comes in at 122.20. A break below that level opens up the downside for a test of the 100 day moving average at 121.735.
