IWM should follow the pair EURJPY , and although the moves are exagerated in this comparison due to percentages IWM V EURJPY , the peaks and valleys are matched. Note the two channels and how they relate. When the central banks acts, they lead, when the economy acts, it leads. But it has been the central banks show for a while now, obviously. Until they get out of the way, and tapper, big time, and they they together or any one of them act again (FED, ECB, BOJ) this trend should remain in place. On the other side of the coin, I am trying to see how a singular economic event could change this, and I don't see anything significant happening. The other thing that could change this is a world event, like a major war, or disaster. Not sure if the currently ignored by media Iraq ISIS thing qualifies, but it might, we will have to see.