USD/JPY dips below 155.00

USD/JPY hourly chart

If you're going to do something wrong, do it right. Not to say that there is anything wrong with what Tokyo is doing. But it speaks to the importance and sentiment surrounding the action. Sort of like a go big or go home kind of thing. USD/JPY is now falling under 155.00 as dip buyers are being flushed out further on the day.

The pair is now down well over 2% on the day and is lower by by more than 500 pips from the high just above 160.00.

The drop here also looks to see buyers relinquish control over the near-term bias, taking out both the 100 (red line) and 200-hour (blue line) moving averages as seen above.