Many of you know that I am watching Crude Oil very closely to trade USDJPY.

In post of July 17th about Crude Support Levels, I had mentioned that crude more likely to have technical support @ upper 120s, & so it did if you analyze it with current chart. Next support lies @ near 110.
But USDJPY hasn't broken the 108.50 level which is very key resistance level @ this point. If we look @ 108 resistance level's past two histories, it shows that JPY has always strengthened after testing @ 108 as resistance.
So, what does it mean for SPX?
Since we know that SPX is in retrace mood from yesterday closing to test back 1290 for short term, I am not planning to trade USD/JPY. Because I am expecting USD/JPY to be traded on sideways. I'll trade USD/JPY long or short when all bull or bear matches togather. For right now, NO USD/JPY trade.