Setting Sail to Discover the Land of NIRP

Stocks are mostly higher this morning after Japan embarked on a negative interest rate policy ("NIRP") overnight in a close decision at the Bank of Japan, though biotechnology stocks are still relative weak and abruptly stopped me out a day-trade long earlier this morning. 

For the most part, though, stocks are enjoying a relief rally with the S&P 500 Index back over some minor resistance. I would not be surprised to see a further relief rally perhaps into next week, especially given the sharp reversals in oversold names like MA and V. 

It is worth noting, however, that the Dollar/Yen currency cross, often seen as a proxy for global risk appetite, has now surged to its declining 200-day moving average, seen below on the daily chart.

After the NIRP news, this area should be a good test to see just how much staying power equity bulls have on this bounce, especially with crude oil flipping red off of news out of Iran earlier.