Small stops in the 80.95/81.00 area have been tripped as USD/JPY is lifted by buying of AUD/JPY, EUR/JPY and GBP/JPY among others. There was some flight to safety overnight but that has eased considerably during the US session.

Equity markets are back to flat and gold has bounced about $10 from earlier lows. Oil remains down about a dollar on the day at $112.50.

Resistance is quite thick on the hourly charts in the 81.05/10 area. Look for small stops just above that level. More are seen above resistance at 81.25/30.