USD/JPY picking itself back up after a quick risk aversion tumble

• Yen swings back into play as risk aversion returns to markets, but settles back as Tokyo comes online.
• A lack of data leaves the pair exposed to continuing market sentiment swings.

The USD/JPY managed to hit the brakes on Tuesday's decline and is pushing higher into 105.60 in early Tokyo trading.

Risk aversion plodded back into the markets after the week opened with a brisk round of appetite, and broad markets got torched with US equities tumbling 3% and the Yen clawing the Dollar back into submission after steadily declining in the first half of the week.

The macro calendar continues a light showing for the week, until US GDP figures and Personal Consumption Expenditures at 12:30 GMT today. GDP is expected to come in at 2.7% compared to the previous 2.6%, while personal expenditures are expected to hold steady at 1.9%, the same as the previous period.

USD/JPY Levels to watch

The USD is bidding back up as the Yen retreats, and support for the day is currently sitting at Tuesday's close at 105.32, with further support from the major 105.00 psychological level while resistance sets in at yesterday's high of 105.90 and last week's swing high of 106.50.