After 2 weeks of chop, it looks like USDJPY is trying to reverse. Yellen didn’t provide USD any support in her remarks yesterday. Geopolitical tensions continue, which has proven to be bearish dollar.

If we break below 110.00 on USDJPY, we probably test 108.90 which is where the 200-MA sits. That would give gold/miners a continued boost. If we don’t break, it’s back to chop land until something decisive happens.

The charts on GDX/Gold look to have broken to the upside again. We’ll see if it holds this time. One thing still concerning me is that the bollinger bands haven’t expanded with the price rise & we’re sitting right at the top bollinger on GDX. Translation = it bounces off the top bollinger & heads back down if the bollinger doesnt expand outwards in reaction to the price rising.