We can see relatively slow moves in FX despite some volatile price action yesterday on US stocks. There was a new spike lower on S&P 500 futures, but JPY barely moved to the upside. In fact, it’s mostly trading lower since then as USD/JPY is trading towards 113.00 resistance.

SP500 futures hit a new low yesterday and possibly completed a five wave fall from 2821 so a new three wave recovery can be here, but just another temporary rise back to 2700/2720 area.

S&P500, 1h