USD/JPY Follow Up

Since the 4:39 p.m. (EDT) post, USD/JPY Lever About to Give Way in which $USDX's negative divegrence looked like it would cause USD/JPY to lose ground (as well as the larger 30/60 min divergences suggesting a larger move to the downside for the JPY pair),

USD/JPY has now retraced all gains from the 9:p30 a.m. opening ramp, lifting the market from gap lows and a.m. lows.

I suspect we have more downside to go as the $USDX divegrence is still very strong and the $USDX has barely given up any ground relative to the size of the divegrence, not including the longer term, larger picture 30/60 min divergences.

I'll let you know if I see anything standing out in futures tonight.