I happened to notice lots of poking fun at poor old Fibonacci studies this weekend, but I’ll say this: for months now, I’ve had a target of approximately 100 for the USD/JPY based on nothing more than a simple retracement study. It nailed that target (almost to the pip) last week, and it’s roaring 1.75% higher this morning, thanks to chatter about yet more stimulus from Japan (ten trillion yen this time……….like, umm, that’s going to help.)
But as I stand here in the pitch black 5 a.m. Palo Alto morning, there’s far more important news to me, which is this, hot off the press from our friend Tyler…….
A flicker of hope now emerges anew from my soul.
