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The USDJPY tumbled from the "get go" in trading today falling toward the 200 hour MA and 38.2% of the move up from last weeks low. The pair has rebounded toward an early swing high on Friday and in my minds eye are seeing visions of a head and shoulder formation forming. For every H&S that forms, there is another that fails (we just don't hear or talk about them). So like to let the price action decide. Right now the 113.21-27 area seems like a level to lean against on the topside and a break of the neckline SHOULD get the ... read more
