There’s not a lot to say about the USD/JPY today. Everything that had to be said I think occurred a week ago with the test of 76.00. What I did want to outline here were the clues, the price levels, and the thinking behind the buy set up and the trigger of 76.00.
Being oversold in a sideways market and confirmation with the Stochastics was just one layer of a play that saw no acceleration below 76.00 and therefore a hesitation by traders to embrace 76.00 as a ceiling.
The delay in the BOJ’s action came from the last-minute China/EFSF story…and I outline why that was worth waiting for on behalf of the BOJ.
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