Nicole Elliott, senior
technical analyst at Mizuho Corporate Bank - "Dropping below the
psychological 100.00 as the ‘carry trade’, in the guise of Yen crosses,
are unwound at an alarming rate. One-month at-the-money implied
volatility at 23.40% is closest to the 1998 high of 34.75% than it has
ever been. The USD is very oversold and momentum is clearly bearish.
The move lower that we expect looks to have started a little sooner
than we had thought. Chaos reigns so only do what you have to do and
remember, Japan plc is the nearest thing to a ‘safe haven’ that we have
right now."