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The Japanese yen rises broadly in Asia today on risk aversion as Japanese Nikkei led Asian stocks lower in general. Nikkei dropped another -1.32% today to close at 9549 and is now farther away from previously mentioned head and shoulder top neckline. As noted before, the medium term rebound of Nikkei from 7021 has completed at 10767 and further downside should be seen to 9050 support and beyond. The bearish outlook in Nikkei is inline with general bearish view in yen crosses and we'd look forward to further break of last months lows in yen crosses going forward.
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