For those of you watching the Yen lately, it certainly has been a wild ride. After the weekend's election and the big spike on Friday, the USD/JPY has been one of the prime movers lately.
After gapping higher, the USD/JPY wasn’t able to sustain its lofty heights and has consistently had trouble breaking through the 114.00 level. If you recall we had similar problems with the 113.00, where we tested in on numerous occasions. Ultimately we needed some fundamental news to help break us through.
This time we have momentum on our sides. If we can break 114.00 then we should push to the next resistance level at 114.50. However, it’s the price action that matters most. Now that markets are open I’ll be watching the type of action that we get next time we break 114.00 before deciding on a bias today.
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