Forex News: After an eternity of range trading JPY at last seems to have some life in it. USD/JPY and EUR/JPY has just printed fresh 1-month lows of 104.05 and 165.69 respectively. A sharp rise in risk aversion as stocks continue to tumble is one piece of the jigsaw, exporter selling below 105.00 in USD/JPY is another says a trader. Mizuho Corporate Bank's Nicole Elliott says while USD/JPY holds below 105.00, bearish momentum should increase toward 103.00 and then 100.00. She has a target of 164.00 for the cross.
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