David Fuller's view Price charts enable you to see the world's money flows.

USD/JPY (weekly & daily) completed its recent consolidation by breaking above the psychologically ¥100 level and extending those gains today. This confirms that the BoJ's policy of devaluing the yen remains on track and a close beneath ¥98 would be required to offset higher scope by signalling an upside failure. (See also Wednesday's comment in this section.)

US 30-year T-Bonds (weekly & daily) are extending the decline signalled by last week's downside key day reversal, mostly formed by the downward dynamic on 3rd May. A close above 150 would be required to offset current scope for further weakness, and instead, signal a challenge of last year's highs.

Gold in USD (10-yr Semi-log, weekly & daily) lost upside momentum beneath overhead trading, following a good rally but which only managed to recover the second day of climactic selling on 15th April. A rally back above $1465 is now required to offset current scope for a further retracement of earlier rally gains. Moreover a close above $1500 is needed to signal scope for a test of extensive overhead trading. As a 'rule of thumb', the more a rally off a low is retraced, the more likely at least a retest of that low becomes. Conversely, markets in dynamic recovery mode hold most of their rally gains during consolidations.