Leading the way is market fear that Spain will ask for a bailout, as Bloomberg and El Pais reports that six more Spanish regions may be set to request aid from the central government. This uncertainty is has generated broad safe-haven flows into the perceived safety of the dollar and yen.
So far in Asia, the EUR/JPY is hovering around the 95.00 mark vs. 95.36 late Friday, limited within a 30-pip range. With the bearish trend bias intact, rallies may be limited by the 9 period EMA on the 4-hour chart at 95.75, then at 96.15 (16 July low). The downside may offer support at the 94.00 psychological figure which is also confluent with the low of Aug 2000.