USD/JPY: Keeping an eye on false breaks
Updated
On Friday we saw USD/JPY failed to hold onto intraday gains above 158 following the BOJ meeting, and close the day back beneath the prior 'MOF intervention' level to form a shooting star candle.
Prices drifted higher on Monday on relatively low volume, putting us once again on guard for either a false break of 158 or Friday's high.
We're seeing a simple countertrend move back down to the high-volume node around 157.30 or even 157, should US data surprise enough to the downside later today.
Prices drifted higher on Monday on relatively low volume, putting us once again on guard for either a false break of 158 or Friday's high.
We're seeing a simple countertrend move back down to the high-volume node around 157.30 or even 157, should US data surprise enough to the downside later today.
Trade closed: target reached
Prices once again broke (yet failed to close) above 158 before reverting back to the previous MOF intervention level.
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