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Greetings Everyone!
I continue on with my “Themes of Four” Idea as we move around the Markets, and since the “Base” Currencies of these four Units are literally all over the Map… I thought “Travelers” would be a fine Descriptor!
( Of course… we have other Yen Crosses, but I chose these as they are the most familiar and certainly the most Liquid in general…)
With a good 9 hours after our last Update… The Dollar and especially the Yen have surely been “Booed off the Performance Stage”, after we received Details of the U.S. Treasury’s Plan to handle the Toxic Assets situation had a few hours of Corrective Behavior to digest.
As the Dow surges 497 Points today… it brings along the Yen Crosses and most Majors right along with it… so those large “Macro-Correlations” are back in Sync for the time being.
( For our purposes here being the “Inverse” Correlation of Stronger Equities/Weaker Dollar. )
The Yen is certainly no stranger to this Correlation as well, as they are accustomed to Quantitative Easing concepts and years of a deeply weak Yen.
So… we come to another Performance of ”The Traveling Adventures of Quantitative Easing”… as our Dramatic Play travels to Central Bank Theaters throughout the world!
“Oh look at you, CVJ!… Mr. Funny-Analogy Man!… Always has to throw some allusion to Art and Culture in there….. Just get to the Captures, Picasso!…”, the CVJ Fan Club Guys say with deep sarcasm….
” Do not panic, Boys!… You guys look like you could need a bit of Culture anyway… ”
Seriously… we have very similar Price Action and Behavior on all four Units… with ascending Wedges/Triangles severely violated to the Upside, and Key Dynamic Support, Resistance, and Fibonacci Levels coming into View.
For now… we will stick with the Dailies to see the Macro-View… (although Pound Yen is the Hourly due to Key Levels activated…) and then drill down with our next Update.
Give the Captures a Click, and Post-Time is 2:50 GMT.
Some Corrective Behavior is surely needed with all of the Yen Crosses…including Dollar Yen itself… so be mindful of this as we move forward in the Asian Session.
I will see everyone around 7 GMT for the Currency Majors Technical Perspective, and then we will see where we are with the Crosses as well!
[...] Perhaps the “clearest” Examples of the Risk Appetite Model are the Yen Crosses that we referred to earlier in the week with our “Four Traveler’s Theme”. [...]