An ascending trend line was broken today as the 88.30 50% retracement held last week putting the 200dma and horizontal support at the 85.50 level into view. A longer-term head and shoulder pattern could be developing, and that is something we should take into consideration. With stocks at all-time highs, the risk is increasing daily for a retracement lower in equities. Should this ever come to fruition, the JPY could firm (even further) as a risk aversion hedge. Neckline support is near the 200dma at 85.50.