Bad day for JPY yesterday as cross JPY was well supported as gold sold off hard.
USDJPY rallied up through the 106.50/70 resistance area I have been highlighting here recently and so far I haven’t seen signs of local supply accepting this USD trend lower, which is concerning for shorts.
Clinging onto USDJPY shorts while EURUSD remains above 1.17 seems reasonable as it’s the first point of challenge for the USD trend lower, but it’s hardly high conviction and we probably need gold to dig in to help us out.
USDJPY rallied up through the 106.50/70 resistance area I have been highlighting here recently and so far I haven’t seen signs of local supply accepting this USD trend lower, which is concerning for shorts.
Clinging onto USDJPY shorts while EURUSD remains above 1.17 seems reasonable as it’s the first point of challenge for the USD trend lower, but it’s hardly high conviction and we probably need gold to dig in to help us out.
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