When it comes to a day after the rout in risk sentiment that we had to end last week, for me I will always be looking at the JPY currency crosses, as they are the best gauge for flows based on risk/carry trade. Therefore, I'll start this week by looking at the USD/JPY, which had interesting price movement, with a retrace of the sharpest falls from Friday. The pair started the week by falling below 102, but stayed below that level only briefly, before rebounding and now finds itself testing the area near 103. This is a pivot from Friday, and is also the 55-hourly EMA. If the pair was to reverse and continue with the dominant swing from Thursday/Friday then this could be an interesting place for it to do so. A failure to move above this resistance level at 103 would mean a push back down to 102, and depending on momentum a retest of the lows from overnight.On the other hand, if the pair manages to push higher however, then the 103.55 pivot is the next upside target and level of resistance that I would watch for. I will have to see how things develop today before I start to hone in on a particular bias, and will be watching the USD/JPY closely for further clues.