With the release of the ISM Manufacturing data earlier today, the markets were in risk off mode. As we discussed earlier, the ISM data was much weaker than expected, and the US Dollar sold off immediately. DXY sold off 50 pips and the SPX500 closed down nearly 1.5%. USD/JPY was another victim of today’s ISM data, down 30 pips on the day, after being up almost 75 pips before the data. There is a substantial amount of bearishness on the daily chart. Not only did the pair put in a double top at 108.46, but it also failed to take out previous support (which now acts as resistance) at the same level. That level also is ... (full story)