Sentiment continues to worse

The worst thing to happen to the stock market this year is a potential one-year delay on a gigantic corporate tax cut.

The S&P 500 is now down 26 points -- a 1% fall.

As a result, USD/JPY continues to track lower. It dipped below 113.25, which was support for a 45-pip bounce earlier.

The latest round of selling targets the 113.00-112.96 zone, which was the Oct 31 low. Below that could clear the way for a dip down to 112.00.

In the bigger picture, the attempt to break the double top at 114.50 is looking like it could fail along with the rejection of 2.40% in 10-year yields.