Possible Risk Aversion

Risk appetite may be due for a correction. Looking at the euro/yen cross rate (shown below), one can see how fast global risk appetite (yen carry) has bounced back since the recent fed rate cut. Things could get nasty if euro/yen does not hold 165. Despite a stabilization in credit liquidity, the housing market is getting worse day by day, while banks are laying off employees and reporting lower earnings. So what's there to be optimistic about? Just in case, I have hedged my long gold and silver futures with puts on banks.