The USDJPY fell when the stocks fell. Looking at the 5 minute chart, the price fell below its 100 bar MA but stalled at ahead of the 200 bar MA. Since then, the price action has centered between the levels.
The area is a neutral intraday level and the price is rightfully stalled in the area.
Stocks have rebounded of the low, but for the Nasdaq the price has stayed below its 50 hour MA at 9712.70 but above its 100 hour MA at 9557.65 (currently trade at 9672).
Gold is off it's high at $1623.73 (trades at 1621.10)
The 10 year yield remains above the 1.501% to 1.503% level key support floor. The low reached 1.5051% today.
You get the feeling that all the markets are wondering what the next shove will be.
If history repeats itself, the stocks should rebound, but there is concern given that Gold and yields remain near extremes suggesting something is up (that the stocks are not discounting).
Ultimately, however, the price action should tell the full story. For the USDJPY, keep an eye on the intraday moving average levels. It seems the market traders are doing just that.