Strong sell interest at 104.00 has capped the rampant USDJPY move today 12 July 2016
As per my earlier order board there is strong/large/big sell interest at 104.00 with stop loss orders above there if breached.
Well, we went to 103.92 and we're now back to 103.65 so I hope that provided some good pips for you. Similar story in yen pairs and highlighting the impact that cross pairs have on core pairs something I went into in more detail in my recent ACT course webinar
I'm still a doubter on all this Japanese stimulus hype and prefer to sell into yen pair rallies but caution advised ofc. Yen safe-haven demand in these ever more fragile times should also help cap moves as/if we head higher again.
Expect yen-pair demand in the dips though until facts from Japan are finally revealed.
