This lockstep relationship has been noted by me for well over a month now, but the financial media is just starting to report it. This is why it is critical to watch and follow what the charts are saying and not what the talking heads in the financial media are saying.
Traders that do not have a chart of the USD/JPY can use the CurrencyShares Japanese Yen Trust (FXY). The S&P 500 Index e-mini futures (ES-M3) can be substituted with the SPDR S&P 500 ETF Trust (SPY). Remember, these two equities are trading in lockstep with each other at this time. Currencies make the world go around.