Are more shorts caught?
The USDJPY has trended higher (see PRIOR post) and it did find resistance against the topside trend line on the 5 minute chart. But the correction did also find support at the 124.15 level which was close support and also where the 50% of the move down from the June 5 high on the hourly came in.
You have to be wary of the shorts getting another squeeze with 124.55 the next target.
Now with the FOMC in a couple hours, even the buyers who trended higher might square up. So it is not like another day. If buyers below want to give the upside a chance, have a go. Stay above 124.15 gives that chance or (so it seems). Shorts/Sellers you have to prove you can get the price below the 124.15 as a start. If not, and there are buyers who want to push one last time before the FOMC, there could be further upside (I just have to be wary of the trend qualities).
