European stocks slide to 1-month low on China slowdown fears nL3N2WN13Y

In times of risk aversion, funds usually flow into the safe-haven yen.

USD/JPY has fallen from 128.87 to 127.89 on Monday, according to EBS prices

Despite EUR/JPY's sharper drop, correlation with USD/JPY remains strong

USD/JPY's 30/60-day log correlations with EUR/JPY remains above +0.50

The two currency pairs close in the same direction more often than not

The USD/JPY chart shows a market on the verge of big gains nL2N2WN0F2