Stocks cannot and will not rally without dollar yen.
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Category: Silver
Signals
Reckoning
Downside momentum is about to clash with long-term support.
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There's huge support at 1815. The monthly Cycle-trap is pointed straight down, however.
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Stocks followed dollar yen down in the morning, and oil up in the afternoon.
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Unprepared
Central Banks vs. Cycles
The Central Banks have struck back, with BoJ's move to negative interest rates on Friday. I'm not convinced the dollar yen rally is sustainable. But with a net-line buy on the weekly chart, we have to respect the potential for more USDJPY advance. The next few sessions are important for the currency, as we'll see if this move was simply a one-and-done or a part of a larger trend. More discussion inside!
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I'll believe the dollar yen rally more if gold turns lower.
Under Construction
Stocks are building a structure. Is it a floor or a ceiling? A big move awaits.
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Who’s On First?
After seeing a few too many tweets stating that the oil market is leading this highly-correlated dance, I investigated last night’s sharp reversal and found it was dollar yen, not crude oil that set the trend.
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If world financial markets are depending on dollar yen now, we are in for some trouble, as the above long-term, as yet unconfirmed, head-and-shoulders formation on dollar yen shows.
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click chart to enlarge