The third of our Dec 3 year-end targets [see: Update on Currencies] has been reached.
USDJPY: 120.05
EURUSD: 1.22635
DX: 90.272
DX just tagged our 90.272 target a little ahead of schedule.
Recall that this represents the 38.2% retracement of the Big Drop from 121 in 2001 to 71 in 2008.
The spike in DX means our forecast for a rally through the major .618 for USDJPY is also playing out.
We’ll have new highs today, of course, but should see a reaction from DX. We’ll take a look at how our VIX, TXN and SPX targets are coming along after the bell.
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