Plunging to Parity

By -

Greetings from Dallas. Looks like another terrific morning in the market, with the exception of Gartman declaring himself bearish on oil. Well, that blows. The moment things are looking good, ol’ necktie-and-handkerchief comes along.

The USD/JPY has been following the path I laid out months ago, hacking its way from retracement to retracement. We’re approaching parity, and with a huge slug of support having been destroyed (tinted in yellow), it seems altogether possible we’ll be seeing sub-95 this year.