Yes, I’m supposed to be off today. But, I couldn’t resist commenting on the bloodbath facing traders as they return from the holidays and pointing out some likely downside targets. While China, Iraq et al are making the headlines this morning, the biggest problem is that USDJPY’s recent slump just became more of a rout.We noted two weeks ago that the rising white channel broke down — followed in short order by the only TL that might have salvaged trend. Now, its only potential salvation is completion of a Bat Pattern to the .886 at 118.70 that I didn’t expect to occur for another couple of weeks.
While CL is ramping as fast as it can, this is the scenario TPTB have been fearing: no catalyst for the algos.
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