A.M. Update

The USD/JPY did lose ground last night,

 USD/JPY, but not from what was earlier theorized as the catalyst, a bounce in the Euro, weakening the $USD.
Instead...

 The Yen gained ground overnight sending the pair lower.

As of this morning, the $USDX does look like it could lose some ground which may send the USD/JPY and perhaps index futures lower as well.

 The EUR/USD saw a continued bloodbath overnight.

Crude was higher on the death of King Abdullah of Saudi Arabia's death until his successor calmed the oil markets by saying he'd continue the current low price policies.

Natural Gas (UNG/UGAZ) also gained overnight.

 The SPX futures saw a sharp decline erasing any overnight gains just a bit ago in pre-market.

This is the broader view of TF/Russell 2000 futures, which also looks set to see further downside, remember yesterday we did have a 1-day overbought condition and today is an op-ex Friday as well.

The 5 min charts however are now seeing more extensive damage, we are not there yet, the 7 min charts would need to look similar to ES 5 min above, as I said last night we have started the bounce but haven't even hit our minimum target posted last week yet.

Still, there's deterioration, apparent selling in to strength. I suspect around 2 p.m. when the op-ex max pain pin is lifted, we'll get a better feel for just how aggressive sellers are.

More after the open...