Finally 118.80 breaks and then USDJPY conforms to the rest of the levels
It's nice when you get a very clean picture in a price. I've been banging on about the 118.80 level all week, so it was nice to wake up this morning to see it not only broken, but having the break confirmed.
Through sleepy eyes I jumped into a short at 118.70. I've let some of it off at 118.45, based on where support was/is showing and I'm running the rest
USDJPY 15m chart
118.35 was one of the support levels I noted and that's marked the bottom so far. The bigger picture shows that stronger support will be around 118.00 and this is the level I really want to see break and hold
USDJPY daily chart
At the moment I'm looking for the price to play between 118.80 and 118.35 and then 118.00. There's some risk for from the FOMC minutes tonight but I don't see the minutes giving much more than what we got at the meeting and I can't see anything coming that's going to send this pair screaming higher. My stop is pretty tight just above 119.20 just in case though ;-)
