Yesterday’s market action was remarkable: an actual decline of greater than 1%!   I had almost forgotten what they looked like…

USDJPY reached the bottom of the tight rising channel, so was due for a bounce — which the futures were only too happy to emulate.

But, it leaves ES backtesting both the rising purple channel line and the falling red channel line at the white .786 — in other words, decent resistance.

The question, then, is whether or not the tight, white channel in USDJPY will hold.

Stay tuned.