USD/JPY falls to a low of 108.65 on the day
Risk continues to just get hammered down today as we see US 10-year yields now fall to 1.186% after a brief skip towards 1.21% in the past hour. This still isn't the right time to be picking a bottom in the risk rout.
In any case, European indices are posting losses near 4% on the day now with US futures also down by 1.8% currently. This is pushing the yen higher on the day with USD/JPY now breaking a key trendline support at 108.87.
There is still some decent support from the 200-day MA (blue line) @ 108.41 and the end-January low @ 108.31 but below that, the 108.00 level is the next key spot to watch.
A firm break below the figure level will spell real danger for a major breakdown in yen pairs and surely you can expect the BOJ to be glued to their screens in the sessions ahead.
