We get to 110.99 in the last push
Could we have seen the last of the persistent yen buying over the last few days? The PA seems to suggest so, yet they look almost touchy feely rather than a solid effort to run higher, almost as if the market is scared that sellers are lurking and waiting for better levels. Or maybe I'm just trying to make it sound more exciting than it looks.
Either way, here we are.
Both the 200 H1 and 55 H4 sit bang on 110.99 and there's offers there too of course.
USDJPY H1 chart
My analysis hasn't changed since we came back down through 112.00, and that is that until we take that level back, the bearish bias remains, though it's looking more like we've found a new range of 110-112.00/50. That's a very tight range to play in this pair and when we often see consolidation phases, they usually run around 400-500 pips, so there's plenty of room for a real range to develop.
The longer the 112.00/50 holds, the more likely any consolidation ranges sets a lower bound. Until then, we have two points to trade either end. 110.00-109.90 below, 112.00-112.50 above. If you can't wait for those edges then trade off 111.00 and the half figures.
