I know I mentioned SPX futures (ES) not keeping up with he USD/JPY correlation in to the afternoon and close, I "think" I mentioned that the carry currency pair looked stalled and likely to reverse as it broke above $103, right now we have both situations with this chart reflecting ES's inability to keep correlation with USD/JPY which is usually the other way around and the carry trade FX pair breaking down, it just passed below$103 and looks to have hit stops as downside picked up a bit.
Es is in purple, you can see it hasn't kept pace with the carry currency / pair.
You can just see it breaking down, that's when I captured this chart about 5 minutes ago, since then with stops likely hit under $103, this is what we have (the second time I've captured this chart as it's moving pretty quick)...
USD/JPY at $102.954, the current price is $102.95
As the earlier post on the pair noted today, the bigger picture should resolve the pair to the downside being the JPY has a much larger 30 min divegrence.
I essentially thought the $USD would bounce intraday and later see downside because of the Yen's larger positive divegrence.
We'll see if this leads to anything.
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