A Yen for Higher Prices

Yesterday’s USDJPY recovery above the key Fib at 120.11 was good for 48 points on SPX.  So, it stands to reason that today’s USDJPY pop above the SMA200 should be good for more of the same.

Abe announced a 3.3% corporate income tax rate cut to take effect sometime next year (and, he’ll respect them in the morning) which, coupled with USDJPY topping the SMA200, was good for an 800-pt gain in the Nikkei futures.

While the price action is in keeping with our analog, we have to wonder what could prompt another leg up?2015-09-09 NKD daily 0545continued for members


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