ES seems intent on reaching the higher Fib levels around 1903-1909, with yesterday’s Fed induced ramp largely responsible for the push above the yellow 1.272.

But, keep an eye on the analog we discussed yesterday.

USDJPY had a correspondingly strong move which topped the Mar 7 high, but failed to clear the TL from 1999 (red, dashed.)

This TL has been very important in the past, providing support in 1999 and 2004, and resistance in May 2013.

It was busted on Dec 18 when Janet Yellen confirmed tapering was, indeed, going forward  — and TPTB threw everything they had at the markets to demonstrate how this was a “good” thing.

We had a month or so of prices above the line, but they fell back below in late January and — despite back-testing it twice — have, as yet, failed to retake it.

This is the exact same phenomenon we saw in TNX.

Yields popped up above the yellow dashed TL on Dec 18, fell back below on Jan 10, and have remained below it ever since — despite three attempts at retaking it.