SPX Within 0.15% of Measured Move Target

12:43 PM ET Last night I warned that a break of USD/JPY $148.50 would exacerbate deleveraging flows via the carry trade. As per the chart below, you can see that happening in this morning’s early pre market hours. ES vs. USD/JPY (2m) S&P futures start selling off more sharply right as the FX pair breaks…