Yen with a mind of its own

USD/JPY runs another series of stops below 97.70 to a fresh session low. Better support at the 200-day moving average at 79.50.

The slide seemingly came before the U Mich numbers but subscribers get the figures early. In any case, the final UMich reading is not often a market mover.

I want to highlight the breakdown in the correlation between EUR/JPY and broad risk sentiment (as measured by the S&P 500).

Flows may be causing the dislocation but I tend to lean toward expectations of Japanese government stimulus and BOJ easing as the driver.