 Yen and Swiss Franc extends last week's strong rally as risk aversion dominates Asian markets. A key trigger is the free fall in the Chinese Yuan, which dives through psychologically important 7 level against Dollar, in response to trade war escalations. Major Asian indices are all in deep red while treasury yields also tumble. In the currency markets, Australian Dollar is the second weakest, followed by New Zealand and then Canadian. Dollar is mixed for now. technically, downside momentum in Yen crosses is generally strong. USD/JPY breaches 105.83 projection level and is on track to retest 104.69 low. EUR/JPY also breaks 118.07 projection and is on track to 114.84 low. Similarly, though a bit far, GBP/JPY is on track to 122.36 low. EUR/GBP could be a focus today as buying picks up momentum. Focus is on 0.9190 temporary top and break will resume recent rally. In Asia, Nikkei closed down -1.95%. Hong Kong HSI is down -2.74%. China Shanghai SSE is down -0.92%. Singapore Strait Times is down -1.85%. Japan 10-year JGB yield is down -0.0231 at -0.188. | 
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