![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh9ZhaVSXLBLvF0MybzeFLCuBENrWjhqkbWwxM5VqAfo4doTflQiC_HmC6EEd8H570sFGfFHU1YPnfSt-nMpUm2KbK2HYupFok2ivWBQdw36LFsoFNYSm2uTC9F5oUO22a-xG0dBQ/s400/ES080707.gif)
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi0Frj592kN52c6TEOkB7LTg24r18B3wk2jlWotILLB4AIDj5QutK3UOxdTXgJczYXmhfYZz-gBLLKrN7FGhdr6GWDb38FQFiY_pJSt9ErHqBDTaZndY74RF491SQ7VAMcvPQwCEQ/s400/Yen080707.gif)
Above you can see charts from today's action in the Yen and ES futures (click on charts for greater detail). When the Yen could not catch a bid at the 13:35 PM bar (marked with check mark), we started firming in ES. Failure of Yen to make a new high when ES made its marginal new low was a great tell and an instructive illustration of why it helps to keep an eye on correlated markets.