Charts I’m Watching: Jan 7, 2014

Overnight ramp job with decent follow-through.  Be careful around 1830.75.

Though, USDJPY is making a bid to push through the white channel midline.  If it does?  No guarantee of a deeper retrace.  Yesterday’s push failed at the .886 (purple grid.)  A repeat would see the pair peter out at 104.72 and ES at 1832-1833.

Look for a turn at 10:00 am.

UPDATE:  10:35 AM

USDJPY topped out at 104.66, just a hair below our 104.72 target.

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