Just 0.29 away from a change of outlook in the yen and correlated markets

As I discussed earlier this morning, the yen is just 0.29 away on the $XJY chart from changing my outlook on that, as well as markets that appear correlated with the yen - the Nikkei of course, and possibly the dollar, Nasdaq, gold, and other equities indices. If it stays above 105.70 then my upside targets remain in play (as posted previously, to levels such as 125 and 135). With the low at 105.99 so far today - well, let's just say that under 105.70 and I'll expect to see acceleration to the downside on these charts ($XJY daily and weekly charts below). If that happens then I'll switch my position as well as develop downside targets. Here are those charts right now:




**Update 11:05 - if you look at this FXY chart you will see why I don't (currently/yet) see this as a classic trend reversal - this weekly chart of FXY does not show the levels of selling volumes off the recent highs, that signal a classic trend reversal pattern.

A trend reversal pattern alone could be an Elliott Wave (don't yet see the required 5-wave down with 3-wave pullback), or a 1-2-3 (the price pattern for that isn't there, nor the volumes) or a trap door (could be a trap door so bears watching, although the volumes still should be there to go along with it).

IF indeed it breaks to the downside, with these relatively light volumes off the top, then it may turn out to be an Elliott Wave flat correction as an orderly pullback to a somewhat deeper level, within the prior smaller-level 4th wave and channel uptrending lines, still retaining the ability to vault to new highs. All part of the bigger picture we'll outline if (IF) it breaks to the downside.

Unless and until it actually does break to the downside, it hasn't changed ... although it IS very close to that line.