USD-JPY tumbled to around 111.50 after North Korea said Trump’s threats of last week were tantamount to a declaration of war. EUR-JPY and other yen crosses also dropped as the yen’s safe haven premium came back into play. We expect USD-JPY, which is coming out of a five big figure rally from early September levels near 107.0, to remain heavy for now. The immediate concern is that Pyongyang will carry out its threat to test detonate a H-bomb the Pacific. USD-JPY has resistance at 111.79-80, and support at 111.14-16.
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