USD/JPY is tumbling out of the Asia range, pushing into 108.35 as of writing.
The Yen is gaining once again, sending the US Dollar down the charts as the Nikkei continues to slide, giving up the day's gains and currently trading just above today's open.
Risk aversion is still the flavour of the month in financial markets, as traders seem poised to look for excuses to pull their money out of risk assets and dump as much cash as possible into the Japanese Yen, the current safe haven of choice for market participants everywhere. Despite repeated attempts by key members of the Bank of Japan to talk down the Yen, USD/JPY continues to tumble as the Greenback is all too willing to concede ground, and the pair is now one good push away fromtrading at six-month lows.
Intraday support is starting to weaken, with USD/JPY already breaking below key support; the next level to contend with will be 108.16; a final break into the 108.00 psychological handle will have the pair trading at its lowest price in over six months, while bulls will have to contend with resistance priced in at the upper bound of today's early consolidation at 108.77, with swing resistance at the 109.00 handle just above.