The wheels are coming off the equity market with the S&P 500 down nearly 3% and the Nasdaq down 4.2%. The market was evidently looking for a nod to rate cuts from Powell and it didn’t come.
Now we’re getting some serious kicking and screaming. USD/JPY has broken the 2025 low and is trading at the worst levels since October as stops are hit in a quick, 70 pip move.
USDJPY daily
This chart is very much looking like it wants to test 140.00 again and if we don’t get some good news on the earnings front, the Nasdaq is likely to test its lows as well.
