The Yen Carry Trade Goes on Holiday

With the yen carry trade being the single biggest driver of the rally since 2012, how is it that the “market” continues to rally even after USDJPY has broken down?

2015-12-23 USDJPY 60 0917Because, make no mistake about it.  The rising white channel has broken down.2015-12-23 USDJPY daily 0917Fortunately for the bulls, TPTB have several other levers by which to force stocks higher.  And, as we discussed in our recent forecast update [see: The Big Picture] this low-volume holiday period is ripe for such a maneuver.

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