Yen Drives U.S. Stocks
The USD/JPY has been an important source of strength for US equities. The green tint I’ve placed below is pretty much where things should exhaust themselves vis-à-vis the Fibonacci retracement levels. If we slip past this level with strength, we could be in a new, higher range for the yen, making it easier for stocks to keep making daily life-time highs. (I stand in awe that the Dow 30 appears to be poised to make its ninth daily gain in a row).