FOMC Preview: USD/JPY False Breakout Coincides with US S&P 500 Breakdown

Commentary, Forex, News
Risk markets are in bad shape today after the technical damage done, in aggregate, over the past several days. Anytime that you see the US Dollar, Crude Oil, and equity markets down, and Gold and the Japanese Yen up, it’s typically a bad sign for risk sentiment in the market. Traders are positioning themselves as if something ominous is looming.
Earlier this week, USD/JPY had a promising start with a potential break through ¥104.35; however, it now appears that a false breakout has instead transpired. In fact, the risk across the spectrum has reversed and sentiment has eroded: putting USD/JPY’s reversal in context of the move in the US S&P 500, and it’s evident that investors feel there is a threat to the US economy.

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