USDJPY reached the 2.618 Fib yesterday and has since settled back to the 1.618. There is support at 114.20, and the upside potential remains the yellow .886 at 118.59.ES broke a week-old rising wedge overnight, so I believe yesterday’s call for a revisit of the previous high (and SMA10) of 2019.26 remains the most likely downside case, with 1996.62 as the next major support. As to the upside, I still have my eye on 2138 — the 1.618 extension of the drop from 1576 to 666 between 2007 and 2009.
Keep an eye on NKD, which overshot our upside target just enough to make a new high last night. It has since retraced to the .886, suggesting it will treat this strong Fib resistance as support going forward.