The Yen ETF (FXY) and the S&P 500 have been moving opposite each other for the last 6-7 months. This is because the Yen represents a safe-haven (risk-off) and the S&P 500 represents a risky asset (risk on). Accordingly, FXY broke down in June and $SPX moved higher. A break above 124 in FXY would be Yen bullish and $SPX bearish.
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