With a surge in risk aversion, the JPY appeared to be a growing favorite in recent trading. Climbing as high as 132.44 against the EUR and 82.47 against the AUD following trade liquidation, the Yen may be poised for further strength against these currencies without any significant news to correct this recent behavior.

After last week's drop in consumer confidence, safe-havens like the USD and JPY have begun to regain some strength. With the holiday season in Europe and the United States approaching, the possibility remains that this strength may drop as investors pull money out of safe-havens to purchase holiday gifts, but this movement may not reflect true market conditions, only short-term cosmetic changes.