A.m. Update

After a pretty bad data series overnight including Chinese data missing on al fronts with Retail Sales, Industrial Output, Fixed Asset Investment and then the German Zew Investor Confidence seeing a huge drop from 43.2 to 33.1 on consensus of a print of 40, something happened at 8:30 a.m. when US Retail Sales missed dropping Ex/Auto to 0.1 from a revised March print of +3.5%.

The market reacted...

 ES dropped, but seemed to have a mini capitulation event at the large volume and found a low.

The USD/JPY dropped hard - it closed at 4 pm  at $102.13 and is now $102.08, this was at 8:30, but...

There wasn't that big of a move in the $USDX, the Yen however...

Yen 1 min.

I'll have more charts shortly.