It’s Still All About the USDJPY

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After all the drama surrounding the Fed’s 1/4% hike yesterday, the charts still point out one truism.  It’s still all about the yen carry trade and, specifically, the USDJPY.  As long as it’s rising, SPX will have the wind at its back — no matter how little breadth, how sketchy the fundamentals, how many miniscule rate hikes.

2015-12-17 USDJPY v SPX big 0614So, any analysis of the “market’s” next moves starts with a look at what USDJPY is going to do.

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