The USD/JPY has been an important source of strength of US equities lately. The green tint I’ve placed below is pretty much where things should exhaust themselves vis a vis the Fibonacci retracement levels. If we just slip past this level with strength, we could simply be in a new, higher range for the yen, making it all the easier for stocks to keep making daily lifetime highs (I stand in awe that the Dow 30 appears to be poised to make its ninth daily gain in a row).
Here’s a bigger picture perspective:
