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USD/JYP Comments Analysis Trades

|Includes: CurrencyShares Australian Dollar Trust ETF (FXA), FXB, FXC, FXE, FXF, FXY, UDN

Is it possible that the inverse correlation between the yen and the stock market is about to end. Stocks are having a modest rally today but the dollar has weakened versus the yen.  Perhaps the weaker US retail sales report prompted some dollar selling.  We had acquired a long dollar short yen at 95.50, hoping for a rally back to the 97 level, however the rally fell short of expectations, so it is best to exit this trade. 

The USD/JPY 4H charts shows some signs of weakening, and prices are close to breaking the uptrend support in place since early July.  Is this market suggesting that a global equities sell off is pending, or is there something else in play. The CME futures open interest has been declining so there seems to be a lack of conviction here.  Does a weak US economic recovery help or hurt the dollar?  Prefer to watch this pair for a day or two.