Risk trades are falling faster that Luis Suarez’s football career. He was just suspended for 9 games by FIFA and 4 months from all football activity.

The S&P 500 is down 14 points to 1945 as sentiment sours following the PCE report. Barclays, for instance, has lowered its Q2 US tracking estimate to 2.9% from 4.0%. Ten-year Treasury yields are down 3.6 bps to 2.52% as the breakdown continues.

USD/JPY is closely tracking those two assets and briefly broke below 101.50, which was a zone of strong demand. There are some bids around 110.35 and stops below 101.20 but the downside is ripe.

USDJPY daily chart

USDJPY daily chart