THE YEN IS GOING BANANAS

The jobs report on Friday crushed expectations.

Following the report, the US dollar is rallying, and the yen is getting crushed.

In early trade on Friday, the yen broke through 121 against the dollar, a seven-year low for the currency which has lost almost 50% of its value against the dollar in the last two years.

Here's the chart.

And as the dollar is rallying against the yen, the euro was also dropping sharply against the dollar, falling to below $1.23, a multi-year low for the currency.