ES reached our .618 target overnight…

While, the USDJPY is merely treading water.

Yellen’s testimony is due out at 8:30ET.

UPDATE:  3:50 PM

USDJPY has reached a potential channel top — though 102.85 or 103.12 intraday would also make sense.  I like the idea of a fifth wave down here.

SPX has come within a few points of the .786 and has tagged the .786 from below.