USD/JPY touches a low of 111.82 on the day
And price is once again threatening a firm break of the 112.00 handle as it was last week. Hold a break below and the near-term bearish price bias will extend to the next leg. The next key level to watch out for in such an event will be the 100-day MA @ 111.31.
And that is leading a move lower in yen pairs for the time being. All this is just merely a teaser though. As mentioned before, the key to risk sentiment and trading the yen at the moment hinges on the performance of the US cash equity market.
I would expect price to keep close to the 112.00 handle until then but if risk sentiment continues to deteriorate, this could be another ugly day for equities and the result will be a big fall in USD/JPY to come.