USD/JPY has been qui...من FatGor

USD/JPY has been quite a mover since the start of the week, with the dollar broadly weakening amid the risk rally and also the yen benefiting from the renewed track lower in Treasury yields after an attempted breakout last week following the blowout US jobs report.

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ECB announced €600 billion worth of bond buybacks, and the Euro tried to break out during the trading session on Thursday. While normally bad for a currency, the initial reaction was very bullish. Since then, the markets have calmed down a bit and it looks as if the 1.1250 level is going to continue to offer a bit of a barrier. With that in mind, I do think that if we break down below the lows of the Thursday session, we can begin the correction that is so desperately needed in this market. At this point, only fools are buying after a move like this. Yes, it can extend it but that only adds more fuel to the fire when we pullback. If you wanted to get long of this market, you need to do it after a significant pullback so that we can gain the necessary momentum to do that.

FatGor

USD/JPY TODAY - dips notably today but stays above 106.57 temporary low. Intraday bias remains neutral first. Further decline is expected as long as 107.64 resistance holds. Break of 106.57 will target 105.98 support and below. In that case, But downside should be contained by 61.8% retracement of 101.18 to 111.71 at 105.20 to bring rebound. On the upside, break of 107.64 will turn bias back to the upside for 109.85 resistance instead.

FatGor

USD/JPY still in lockdown as Japan trade numbers hit record lows The USD/JPY was unchanged after disappointing export and import data from Japan. The data showed that exports and imports declined by 28.3% and 26.2% respectively. These numbers came a day after the BOJ delivered its interest rate decision. The pair is trading at 107.25, down from this month’s high of 109.82.

FatGor