The first twenty minutes after medium-to-highly important data is often wild. Today saw USD/JPY take a ride to 101.660, finally busting through sturdy resistance at 101.800. It’s almost erased it having climbed to 101.760. The move lacks enough conviction to pull me in, but what do I know. But maybe if you jump on the ice enough times eventually it breaks.
If I seem tentative, I am. Money is on the line and it seems prudent to me to trade less and only with conviction. Better to miss a move then roll the dice too many times.
UPDATE: Who enjoyed that round trip? USD/JPY has officially wiped out the GDP dip. And is not trading just above 101.810.
