USD/JPY departs from usual drivers as it falls below 155

The USD/JPY has fallen back further this afternoon and taken out the 155 handle. The low seen so far has been set at 154.60. It is on that low right now and the price action in the USD/JPY seems at odds with the current moves in the US bond markets. That marks quite a departure from the usual dynamics and can only really be explained by two things. First this is major Yen cross rate selling and if you look at the GBP/JPY and EUR/JPY right now you will see how much more they have come off today. The second reason could be due to a degree of risk aversion impacting the US stock markets right now. That might be explained by the following perhaps- hedge funds selling out of profitable long USD/JPY carry trades, at the same time as they exit the Trump stock market trade. Those looks like plausible reasons for the USD/JPY defying the wider, more positive dollar dynamic versus the major European currencies. The USD/JPY also reached a major milestone earlier today, when it nailed the technical level you were alerted to previously, at 156.67. It is right now trading at 154.68