The past few days have been all about whether the Fed, ECB and BoJ will or won’t step in and calm the markets. With a better than expected unemployment rate out this morning, the Fed will be under increasing pressure to raise rates, if even a little.
Needless to say, this isn’t helping stocks much. The futures are currently off 25 points, but the real damage was done yesterday after Japan opened and USDJPY retreated once again from the safety of 120.11.
It’s pretty clear that stocks have protested each drop through the yellow Fib at 120.11, and each trip above has been rewarded. While the BoJ wishes it weren’t in this predicament, it is. And, of course, it’s not by accident.
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