Minor double top on the intraday chart
USD/JPY broke above 120.00 today for the first time since Feb 12. The squeeze started after breaking last week's high of 119.84 but the move higher has failed twice at 120.16.
The reason why is the longer-term downtrend since December. It's pressing right up against it, and that represents the top of the medium-term wedge. See the charts here.
Japanese capex data yesterday was soft and that's stoking talk of more QE. The larger factor at the moment is broad US dollar strength.
