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While equities, and especially US indices, show strength today, I take note of the fact that the Yen is still relatively strong, which could be a warning sign that stocks will soon correct lower again. Soon should mean in the next 1-2 days going into the Thanksgiving holiday. USDJPY has retraced a bit from the key 112 area where a confluence of support held it up on Monday. At this point, I'd begin to look for new longs in JPY pairs against USD, EUR and also AUD.
Tbirdfx's Blog
USDJPY leading the way
Going into the US Thanksgiving holiday week, my eyes will be on the USDJPY. While further weakness in equities and weakening US bond yield could put the pair under further pressure, we can also easily get a bounce first thing on Monday morning. This is because the pair is sitting on key support on both weekly and daily charts. On the weekly, the 50 and 200 SMAs provide support, and on the daily chart we also have the 200 SMAs coming in just under the key 112.000 handle. I want to see a break bel…