Charts I’m Watching: Aug 16, 2013

Holding short this morning.  The currencies are poised for a reversal, and the overnight ramp job isn’t sticking.

The USDJPY, in particular, appears to be in real trouble.

UPDATE:  9:32 AM

We’re closing in on our original target of 1653-1655.   It’s two days later than we originally expected (the red circle) but it represents the purple 1.618, white .886 and the latest H&S target — significant enough that we should get a meaningful bounce.

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