USDJPY, pushing up against a bearishly aligned SMA10 but in a fairly well defined rising channel, is looking weak this morning…
… though NKD is ignoring it for the moment.
If they can both hold their rising channels, equities should tag along. ES has dropped out of the rising white channel, but that hasn’t mattered much lately as NKD/USDJPY can negate just about any resistance — technical or otherwise.
UPDATE: 11:00AM
USDJPY to the rescue yet again. Note the spurts higher it makes, dragging ES up through what would have been harmonic resistance back when stocks used to correct every once in a while.
USDJPY should be able to let some air out, maybe backtest some of the broken SMAs, as NKD has elevated to the .886 and is likely to stay there — or higher — until the close.
UPDATE: 12:15 PM
What happens when ES threatens a move lower? It ticked down 0.25 points a moment ago…
…triggering this immediate response from USDJPY…
…and NKD.
UPDATE: 1:50 PM
Live by the sword…
Real live downside in stocks after the 2-yr auction belly-flopped. Stick save (so far) courtesy of NKD.
USD/JPY, I still see a bearish pennant on the daily candle, any chance the USD might tank?