One Down, Four to Go

USDJPY reached our Nov 20 target [see: Catawampus] of 120.05 early this morning — the intersection of the .618 Fib and the gray channel top.  Seen here on the 60-min chart vs ES…

2014-12-04 USDJPY v ES 60-minAnd, the daily chart vs SPX…

2014-12-04 USDJPY v SPX dailyRemember, this is the .618 of the 50% drop (from 147 to 75) that began in 1998 (i.e. the big one) and the first of the 5 key targets outlined yesterday in our year-end forecast [see: Update on Currencies.]

2014-12-04 USDJPY v SPX weeklyThe USDJPY should reverse here.  The implications for equities?

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