USD/JPY reverses earlier gains as it dips below 144.50

The earlier push above 145 this morning has now been reversed and more. The USD/JPY has now dropped to below 144.50 a moment ago and that has carried all the major Yen crosses lower with it. There is no apparent reason for the change but it could be a lack of momentum through the earlier upside break has caused longs to capitulate. The US stock futures are in the red right now and that is certainly not helping the dollar right now. That said, the EUR/USD and GBP/USD have not rebounded as the Yen gains and that gives rise to thoughts of a risk based move lower ahead of come relatively important US data due out at 2pm GMT- US consumer confidence and the latest Richmond Fed index. The USD/JPY is currently trading at 144.42 which is a new European session low