It's getting ugly out there
USD/JPY is now down a whopping 165 pips to 111.46. The latest leg of selling came after the S&P 500 hit stops on a break below the May low of 2380. It's quickly fallen to 2375 now.
When is it time to step in and buy the dip?
With politics it's tough to say. Trump is heading to the Middle East next week so that should be a distraction but at home Comey and others will be testifying so the story won't go away.
Some kind of vote of confident from Republican House and Senate leaders would be welcome but at the moment, the trend seems to be for them to distance themselves from the President.
h/t to @victorleonardib for the image.
