The weekend gap on the USD/JPY was likely carry over from the Bush administration's Friday announcement of economic sanctions on China.

Todd Gordon is looking for USD/JPY above 117.00 to offer into projected wave 4 resistance.

EUR/JPY, USD/JPY, and US equity markets all broke down from daily target reversal levels.

Todd Gordon managed to hang onto a USD/JPY short for a move into 117.80 trendline support.

The recent equity market and carry trade correlation proved to be intact today.

Those trying to over analyze Wednesday's Fed statement minus "additional firming" from the statement went long US fixed income right back into the 4.5% 10-year yield support level.  Have we just seen history repeat itself?

Todd Gordon missed his second EUR/USD fill by 4 points.

Todd Gordon writes that he EUR/JPY just knocked on the door of a massively deep Fib zone.

The Fed dropped language of "additional firming" from today's accompanying FOMC statement, which the market took as a sign of a clear bias shift away from rate increases, and possibly even dropping rates as early as this summer.

EUR/JPY and USD/JPY remain comfortably contained in corrective wave formations.