USD/JPY hits fresh session low as stocks take a leg down

Risk aversion is picking up

The old risk trade is on today with USD/JPY, yields and the stock market all headed in the same direction.

The market is jittery about Donald Trump"s speech tonight. I"m expecting the garden variety, no details kinda address but there were some expectations built in for details and there"s always the chance he does something crazy.

With the market on a ludicrous winning streak, it doesn"t take much to push people the to sidelines. The S&P 500 is down 9.5 points to 2360 after chopping around in mildly positive territory to start the day.

Month end is the other factor as February wraps up. Stocks outperformed bonds in the month so there could be some rebalancing.            

The level to watch in USD/JPY is 111.60. If we get there, then the pair may close the month on the lows, which is a negative sign going forward.

USD/JPY hits fresh session low as stocks take a leg down
USD/JPY hits fresh session low as stocks take a leg down
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