Volatility has picked up quite dramatically over the last 2 trading session, as risk aversion takes hold of market participants. The currency pairs I tend to watch during these times are the JPY crosses, and the NZD/JPY is a good general proxy for risk appetite. With risk-on/risk-off trading coming back into the market, the JPY has been bought hand over fist, with any short-term rallies being sold throughout the last two sessions. Will the market continue this downward pattern heading into week's close? In the daily timeframe, we see that the upward channel that the pair had maintained for 2 1/2 months has been violated, and the question will be how deep the retracement will be here (how much carnage will we see in equities). There is an important pivot near 83.60 that should be watched with caution.