JPYUSD Hits Critical Trendline That Signals Downturn

4 Mar 2021

Interesting relationship here - JPYUSD has a 6 year bottom trendline of resistance it has been following. This line has been hit a few times over the last 6 years, and literally every time it hits this line, a correction of some variety occurs. It's almost like clockwork. Not sure if there is actually any mechanistic behavior going on, but it's worth noting because we just hit it now at a time we're seeing a ton of weakness in the market leaders. Not a good sign if you're long megacap momentum & tech, or even just the S&P.