Usd/Jpy 84.50-60 and 83.80 are the two levels that will now be in play.

The first level is the closing number for the Usd/Jpy to put in an outside reversal week

to the upside ( down in futures). The second number is the daily level needed for an outside reversal day.

The outside reversal day seems to be a given….the outside reversal week is still unknown.

In my opinion the only low risk strategy at this juncture is to wait for the Usd/Jpy to retest the 84.50-60

area and buy the Eur/Jpy cross. You sell the yen futures or buy the ycs, and buy an equal amount of euro if and when the the Yen retests either of these levels.

Right now eur/yen seems to be headed toward the 114 level.

Potentially in play today is the oil on a close below 76.

Grains…I’m out and will wait for more price action to determine when to get back

in.