USDJPY: Happy Halloween, Again

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So much attention has been focused on CL, lately, that USDJPY’s oscillations have gone largely unnoticed, until last night.  It reached levels last night not seen since Oct 31, 2014 — the day that Kuroda surprised the markets with a massive expansion of QQE (days after promising it wouldn’t happen.)

USDJPY spiked 3.26 higher that day, and 12.64 over the next 5 weeks.  Thanks to the wonders of the yen carry trade [what’s this?], SPX rallied to new highs, tacking on 220 points from its October lows.2016-04-05 USDJPY v SPX 0615In other words, from 110 to 125 and back again.  SPX had reached the same level as of February when CL’s 63% spike fed a different set of algos.  But, CL topped out a couple of weeks ago.

[see: How to Engineer a Rally.]

Is it time for some new leadership?  Or, at least, some new old leadership?

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