 Yen is the runaway winner today on massive safe-haven flows, which also pushed up treasury bonds. Meltdown in cryptocurrencies intensified further, as bitcoin barely holds on to 25k. Major European indexes are in deep red while US futures, in particular NASDAQ, are pointing to lower open. Benchmark treasury yields extend pull back, as US 10-year yield is back at 2.83 while Germany 10-yearly yield is back at 0.85. Back in the currency markets, Dollar is following Yen as the second strongest. Aussie is the worst performing so far. But Euro's selloff is worth more of a mention, despite hawkish comments from ECB officials. The weakness in Euro is somewhat amplified by the selloff against Sterling and Swiss Franc. Technically, AUD/JPY's fall from 95.73 extends to as low as 87.94 so far today. The break of near term falling channel support suggests downside acceleration. The break of 100% projection of 95.73 to 90.41 from 94.00 at 88.68 also raises the chance that 95.73 is already a medium term top. Next line of defense is in 86.24 resistance turned support. Firm break there will argue that it's already correcting the whole up trend from 2020 low at 59.85 already. Such development, if happens, could be reflected in global stocks and even bond markets too. In Europe, at the time of writing, FTSE is down -2.12%. DAX is down -2.30%. CAC is down -2.56%. Germany 10-year yield is down -0.131 at 0.860. Earlier in Asia, Nikkei dropped -1.77%. Hong Kong HSI dropped -2.24%. China Shanghai SSE dropped -0.12%. Singapore Strait Times dropped -1.89%. Japan 10-yaer JGB yield rose 0.0026 to 0.251. | 
