The buck has ants in its pants today
No sooner so we try the lows again today than we see a swift bounce of 50 odd pips.
USDJPY 15m chart
This time yesterday I was worried about the PA indicating that a blow out might be coming. The price ummed and ahhed for a while but we got a clean out of sorts during the Asia session. That enabled some of the bearish pressure to be released and we've found things more balanced today, albeit with plenty of roaming around.
115.20/25 has developed into a solid support area, probably to do with protection of 115.00 and the 114.70/80 area.
USDJPY H4 chart
My view hasn't changed since Friday, this is a sell rally market more than a dip buyers friend but there's still opportunities for both. Buyers need to reclaim and hold above 116.00 or else the pressure mounts again on the downside.
