SP FUTURES CHART (SPOOS) – This chart looks bearish, with a DOUBLE TOP formation and a neckline that has a high likelihood of being met, 300 basis points lower.
We’ve highlighted CADJPY as our favorite CROSS JPY pair.
In addition, we like USDJPY. The pair is close to entering the ICHIMOKU cloud, that could push it towards the low 112’s in a HURRY. We maintain our USDJPY view (lower) and have added 1 UNIT of RISK at 113.60. We will re consider above 114.20.