USDJPY is back below the TL, but having a very hard time letting go.
As well-defined as the yellow channel is (the white, not so much), there have been numerous slips beyond the midline over the past few years since Abe created it.
UPDATE: 10:00 AM
Looks like a slight bump in Michigan Sentiment (81.6 vs 81.5) expected is worth more than the GDP miss (2.4% vs 2.6% expected) and existing home sales miss (0.1% vs 0.8% expected.) Preposterous. Of course, USDJPY broke through the TL again.
At least DJIA finally tagged the .786, which it came up just short of earlier in the week. It’s backtesting the well-formed channel — which, in the real world, should provide resistance. But, this is a fairy-tale, make-believe world where unicorns soar through the sky farting rainbow-colored good news and bad news (Ukraine, Argentina, China, housing, GDP, retail sales, etc.) simply doesn’t exist.
The Bernanke put redux.