OK, the pun doesn’t really work, because Seoul is in Korea, but it’s all I could come up with at this hour. Anyway, the point is that the USD/JPY is pretty badly stretched to the downside, and thus has ample room to push higher, even within the context of a general downtrend. It’s already happening this morning.

This is having the regular effects of (a) pushing gold lower, as well as its miners (b) strengthening equities. Indeed, neither bulls nor bears can get any lasting traction in this tug-of-war. The ES has, in fact, gone nowhere for two months.

My “big event” today is the oil inventory report at 7:30 a.m. Slope time. I have a pretty big concentration of energy shorts, which have been doing well, and those are far more at the mercy of what oil is doing rather than what the Yen is up to.