...I'm skeptical of a mid-day rally
USD/JPY is approaching the weekly high of 110.49 that was set early yesterday. The gains come as the S&P 500 trades near the best levels of the day, up 12 points to 2711.
What's notable about this pair is that it barely wobbled yesterday when sentiment was terrible but now that there's a small ray of sunshine, it's climbing. That's been a recurring pattern in the past two weeks.
What still worries me on an intraday basis is the stock market. There was a nice bump yesterday but after lunch the wheels came off and the market closed on the lows.
That said, the selling started right about noon in New York then accelerated at about 2:15 pm ET.