Talking Points:

- Markets entering risk-off phase?

- GBPJPY and USDJPY show signs of topping in the medium-term.

- Only one high ranked event on the economic calendar today for USD.

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The Japanese Yen is gaining momentum as global equity markets slip - risk-aversion is coming back into play. We're watching GBPJPY and USDJPY.

--- Written by Christopher Vecchio, Currency Analyst

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX