Equity market correlations appears to have loosen up with sharp declines in Asian indices thus far having little knock-on effect in the currency markets as Yen pairs remain tightly coiled with hourly candles shouting indecision. For the dollar pairs we have eased off slightly but here too little signs of the usual speculative activity people refer to as ‘risk aversion’ trades. As such for now we wait staying sidelined though with bias still looking for a stronger Yen and Dollar even as we cannot emphasize enough the need to see new lows for EURUSD, GBPUSD, EURJPY and GBPJPY if bears are to regain control of the market.