This is probably worth noting for those of you watching USDJPY (which should be all of you assuming you trade or otherwise care about your investments).
USDJPY hit its lowest level since late November earlier today…
Around 1:50 EST, USD/JPY dipped to a fresh low 111.65 in a fast move as “stop-loss sell orders tripped under 112.00,” Bloomberg notes, adding that the “drop [was] likely exacerbated by light positioning, [as] an earlier drop to 111.99 failed to trip stops and intra-day shorts saw a squeeze to near 112.60 before USD declines resumed.”
As you can see from the chart above, “the yen gyrations come as the dollar rose against most other G-10 peers.”
To some extent this is a reflection of the same safe haven bid that’s boosted gold.
Watch that Trump/Abe meeting later this week because I can promise you everyone trading the yen will be tuned in.