I’d call the USD/JPY rejection of 100 today a firm rebuke.
It wasn’t the kind of flat-out rejection that points to a top but it also wasn’t the kind of gentle pause that says 100 will be merely a speedbump. Remember, this is all in the context of USD/JPY at 96.90 a week ago so some consolidation is to be expected. Also keep in mind that the move was in lock-step with stocks and they are looking vulnerable to a deeper slump.
USDJPY daily with 100 dma
My playbook says to buy the re-test of the broken range. I have been watching the wedge build all Summer and now it’s breaking out to the upside. After the inital break, I look for that ‘buyer’s remorse’ when we go back and test the area of 99.00/98.80.