USD/JPY breaks 118.00
The pain trade continues in the stock market as the Nasdaq falls 2.2% and the S&P 500 drops 30 points to 1908.
All the earlier gains in the yen crosses have now been erased and AUD/JPY is flat on the day.
The big level to watch at the moment is 4573 in the Nasdaq. That was the low on Friday Monday. We're at 4579 right now.
The S&P 500 has a tab more breathing room before its recent low at 1901.
In terms of the yen crosses, CAD/JPY is an interesting one. We're just two pips above yesterday's low of 82.09. The pair is down 10 big figures over the past month.
It looks like it could fall another 10 before all is said and done.
