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The downtrend the pair is going through seems to be very strong and the daily chart validates that there is still room to run. The daily chart is confirming that the momentum down is still quite strong and that 109.00 is a valid next target. On the hourlies studies we see that there is a local correction that might end at the 110.70 peak. Selling on highs might be preferable today.
Carry trades were the name of the game, as the Aussie dollar and other "carry trade friendly" currencies flourished. In what has been described by some as "turbulent" markets, the JPY has been the focal point of much investor speculation. With its dependence toward foreign news being the main accelerator of movement within the currency, the JPY has found itself in the midst of major currency action.
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