In yesterday’s post This is a Test, we wondered how the “markets” would handle USDJPY’s departure from the Pennant Pattern it’s been in since Aug 25.
After declining to last week’s 118.16 target, USDJPY behaved pretty much as expected:
And, note that the 118.26 tag does, in fact, reaffirm the white channel bottom while suggesting that the rapidly rising purple channel might finally be ditched…Whatever big resistance SPX runs into today, USDJPY can overcome it with a rapid spike back to the purple channel bottom.
USDJPY did, in fact, spike back into the purple channel that has kept in on the rise since last December. The result was a 1.5% gain in SPX, though it had some help from central bankers, horrid economic news, today’s OPEX.For all the excitement, ES ended up at a key overhead resistance — though SPX still has a few points to go.
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