Remember Me? Benny Blanco from Japan

Despite the rally in crude oil, small caps, and biotechs today, we know the Nasdaq is having issues. Beyond that, it is tough to see a full-blown "risk on" market when the VIX and the Japanese Yen are flashing green as I write this. 

Speaking of which, the Yen has been lurking in the corner all session, ignoring the crude and small cap strength, holding firm. I suspect that if the highlighted triangle on the Dollar/Yen daily cross, below, resolves lower back below 112 then it will eventually impact equities at-large, beyond the glaring FANG weakness we are seeing today. 

To be sure, Yen strength is nothing to take for granted, reminiscent of Benny Blanco from the Bronx.