Today’s Dow weakness is not doing the yen bears any favors as the risk OFF in the U.S. has rallied the yen. The interesting aspect of the sell-off in the USD/JPY is that it once again is coming off the 100.00 major psychological level. The problem with forecasting levels above the 100.00 mark is that this level is still resistance that any move to the 105 or 108 level requires that a floor be established above this key level from the bulls can stand. Without this breach, the monthly 200SMA which is popular projected “next levels” of resistance is a moot point. The daily double top that is forming along previous ... (full story)