USD/JPY is testing levels through the 108 handle on N.Korea/Japan news

Currently, USD/JPY is trading at 108.79, down -0.41% on the day, having posted a daily high at 109.29 and low at 108.75.

USD/JPY has dumped following the N.Korean-Japan news as markets search for safe havens as the drums of war go off with N.Korea firing three missiles, one of which passed through Japanese air space and another crashing into the Pacific east of Japan also passing through Japanese airspace. A third missile apparently broke up.

Japan's Chief Cabinet Sec: North Korea ballistic missile an "unprecedented, grave threat"

USD/JPY levels

USD/JPY has been back and forth on Monday and Tuesday Asia with concerns over a foggy Fed, lower US yields and US dollar. However, a risk on the session at the start of the day on Wall Street had the yen on the back foot until the major risk-off sentiment took a hold in early Asia. USD/JPY is now testing the August lows with eyes on April 16th low at 108.16. "Failure at the 108.13 April low would put the July 2016 high at 107.49 on the map," explained analysts at Commerzbank.