The Other Shoe

Yesterday was a good start toward our downside target.  Today, I expect the other shoe to drop.

USDJPY had no trouble reaching our first and second downside targets.  And, Abe’s suspension of the sales tax hike last night permitted the pair to finally break the rising red TL and get most of the way to our third target at 108.25.2016-05-31 USDJPY 60 0600CL was a big help, nailing our downside target and closing below its SMA10 for the first time in weeks.2016-05-31 CL 60 0615The only thing that spoiled our party yesterday was NKD, which ramped into the close and dragged the algos with it.2016-05-31 NKD 5 0600It didn’t appear sustainable at the time, hence my suggestion to maintain a short position overnight.

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