Collapse of the Carry Doesn’t Reach the S&P 500, Can EURUSD Fulfill Its Own Reversal?

One of the FX market’s favorite measures of risk trends, the Yen-driven carry trade, suffered one of sharpest collapses in years. Yet, the Bank of Japan driven move didn’t feed all the way back up the speculative line. With the liquidity countdown continuing, is there still room for breaks from the S&P 500 and Dollar pairs?