Having toyed with the key 112 support level for the past month, moments ago the Japanese currency spiked as finally the big stops at the 112 barrier were taken out, sending USDJPY sliding lower by as much as 40 pips.

For now, ES is ignoring the move, although equity correlation algos have been oddly slow to react to macro moves in recent weeks.

Meanwhile, the Yen jump has sent gold to $1,232, the highest price since November 16, just one week after Trump’s election.

Watch if Japan’s trust banks, which do the BOJ’s bidding in times of tacit intervention, will lift the USDJPY here, or if the currency will continue sliding as global political risks continue to mount.

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