The Far Reaching 111.33
Break-Out Further Confirming Yen Weakness and Dollar Strength
- Deeper Demand Held
- Yen More Independent
- Plenty of Surprises
- Momentum
Well, this is only an 8-hour chart that we are observing today but it does show plenty of buyers below. The fact is that on the larget time frames the 108.50 and 108's were levels of the most intense interest in buying USD/JPY or on the other hand the sellers were willing to step in and sell the Yen hard.
What I have noticed is that JPY tends to move independent of most markets as its on an island of its own, if US-equities decline again it may not coincide with a Yen mini-rally and for that reason we would have to just follow the sequence of this interim Yen weakening.
The surprise here for me is how the 110 and even higher could be penetrated when this could be perceived as a dead-cat bounce. The consolidation has been established and what we are left with as traders is some upside momentum, so lets capture whatever there is left.
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