Click to enlarge imagesThe immediate result of which has been a sharp underperformance by Japan and the Nikkei - relative to the SPX.
The early news with respect to the yen's immediate collateral damages abroad is the banks (BKX) continue to hold support, albeit precariously ~ 62.
While we certainly would not expect a breakdown of like proportions, the comparative serves us both ways as a contrasting mirror to a specific momentum pattern's suggestion of a significant reversal.
So far so good - as the BKX holds the line.
"The power of the suggested is much greater than the statement of reality" - C.W. Mundy