![That escalated quickly](http://az705044.vo.msecnd.net/20130620/That-escalated-quickly.png)
The S&P 500 fell through 1600 and traders headed for the hills. The index is at a fresh session low, down 14 points to 1588.
![SP 500 daily chart2](http://az705044.vo.msecnd.net/20130620/SP-500-daily-chart2.png)
The market could only take so much pain before the knee-jerk reaction into JPY took over and that’s what cracked USD/JPY.
The S&P 500 fell through 1600 and traders headed for the hills. The index is at a fresh session low, down 14 points to 1588.
The market could only take so much pain before the knee-jerk reaction into JPY took over and that’s what cracked USD/JPY.
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