Price has diverged from USDJPY and is not falling off in parity. It is also not following last weeks SPX major sell off.
ALl this could be highlighting week Yen and strong dollar which would boost the japanese industry which is based off exports. With this in mind I am watching this chart closely.
break above red resistance could add real confluence to a USDJPY reversal move. USDJPY is still in a range after coming off weekly support so any directional bias we can gleam will be useful.
strong dollar strong japanese stocks should = UJ longs
conversely, if the Nikkei rejects off resistance then there could be a very nice short opp on the equity and a possible uj break below weekly support signalling a new leg of bearishness. one to watch certainly.