USD/JPY Update

So far, so choppy. The point of the chop really serves no purpose other than a place holder or lateral consolidation, it's the short squeeze uptrend line that was broken last night that needs a little time to round over like the IWM (although it needs a bit more time too, but it has a head start on QQQ/SPY.

Overnight the USD/JPY (above) was up and then down in to pre-market with a small positive divergence and now a small negative looks to be setting in, this should keep the chop fairly lateral possibly with a slight downward rounding bias, once that completes, it should be volatility back to 10 on a downside move.

The intraday Q's are already leading negative twice as deep as yesterday as is the IWM. Intraday the SPY is more inline, but its more important intraday charts like 3 min are deteriorating badly, the 5-15 are already destroyed.

the 30 min charts are still in decent shape and I'd expect them to stay that way until we reach the 200-day moving average, we'll have to confirm accumulation on a move down to the 200-day if my initial theory of the 200-day being gamed is correct, but for now that's my gut feel, however it seems clear the market is running out of time which probably means shorter duration moves with much higher volatility.