The risk aversion seems to be taking a breather during the European morning, sending USD/JPY back above the 115.00 handle. USD/JPY bounces off 114.20 After falling to levels last seen in November 2014 around 114.20, the pair has managed to pick up pace and attempt a recovery along with a resurgence of the risk appetite following the opening bell in Europe. The Japanese Yen has been the best performing currency during overnight trading sustained by the persistent risk aversion stemming from concerns over global growth. USD/JPY levels to watch As of writing the pair is losing 0.28% at 115.34 facing the next support at 112.41 (monthly low Nov.2014) followed by 105.18 (monthly low Oct.2014). On the flip side, a breakout of 117.53 (high Feb.8) would target 117.96 (20-day sma) en route to 119.82 (55-day sma). For more information, read our latest forex news.