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The safe-haven status of the US dollar and the Japanese yen are playing each other out and the USD/JPY is trading at 108.60 flat on the day. Economists at OCBC Bank look for a break of either 108.30 or 109.00 to determine the next move direction.  

Key quotes

“The haven characteristics of the USD and JPY mostly played each other out, as the pair turned in only marginally lower. A slow grind lower may be at hand, especially if the risk-off sentiment continues to take hold.”  

“Key support at 108.30/40 for now, where a breach is likely to signal further downside. On the other hand, a clear move towards 109.00 should negate the downside impetus.”