A.M. Update

Overnight future drivers were pretty simple actually, a Japanese Q1 GDP beat of 5.9% (on an annualized basis) vs expectations of 4.3 sent futures lower as the outlook or possibility for more QE diminished, however the European or EU zone GDP coming in at .2% on expectations of .4% sent futures back up a bit on expectations of more QE, even though Draghi just put that to rest for a while and I'm sure he had the Q1 GDP data in hand when he did so earlier this week.

USD/JPY made 2 runs through $102, both failed to hold thus far in the overnight and pre-market session session. Both times the Yen dropped, it was accumulated and the carry pair failed to hold $102.

The problem I'm seeing now is the intraday $USD is deteriorating badly and that has reached a 5 min chart, which at this point, looks just about as bad as the Yen 5 min chart, so there's no longer an edge for a run above $102 and the intraday $USD/JPY is going negative as well.

I'll have charts up in just a few minutes.