USDJPY is the carry trade for money manager (short Yen/Long USD). It lifts the US market with excessive cash flow. When the cover their interests, SPY goes down. Only exceptions are during Central Banks announcements.
it has not taken out the 206.46 level. it got rejected today besides all the good earnings and good job report. seems like it needs some rest before the rally begins again. We gained all the loss of Jan in one week. So, it might take a bit to break through that level. 198 remain the downside target if it falls.