USDJPY takes a quick slap down to 106.33 after the failure near 107.00
A swift reversal after looking strong into the high 106's
That's what happens when rallies are built on sand rather than concrete.
As it's been one way traffic for most of the day, it looks like folks have got a little ahead of themselves and aren't willing to back up the rally with decent support., and thus we see the steep pullback off the highs as traders realise there's no safety net.
USDJPY 15m chart
This drop shows us exactly where support now is and we know that it's likely to be stronger just ahead, and down to 106.00. We've bounced to 106.71 now but it's looking scrappy up here now.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
