Eur/Usd, Eur/Cad, Eur/Gbp, Eur/Jpy, Gbp/Jpy, Usd/Jpy, Chf/Jpy, Cad/Jpy all have gone insane in this currency war. During these times, only black-swan event is the answer. For risk to go OFF, black-swan has to appear.
EDIT: Lots of currency charts especially JPY ones are touching the 3 sigma resistance now on multi year time frames (all the way from 1y to 5y). It's a rare event.
Looking at this comparison chart of Nzd/Jpy and /ES. It seems that /ES will repeat history of March 2012 soon. To what extent? I do not know right now. However, all Xyz/Jpy charts are telling me that SPX top is close by. Risk OFF light will turn ON soon.