USD/JPY just made new highs for the day and for this upmove.
The thing is, this move to new highs has seemingly been cut a little short – the move above this morning’s high has not continued (so far, at least). So it appears as if the buying has run out of steam a little and the selling expected at 85.90 and 86.00 is , indeed, present. It seems most likely that its not going to go through 86.00 on the first try and there well be some sort of pullback here (support 85.70 and then 85.50, and lower at 85.30). I’m not getting bearish on it – just thinking that if you are in a position where you need to buy some USD/JPY there may be a chance coming up now to get it a little cheaper. Or for a quick ‘scalp-type’ shorting play. I’m not going to be very patient with shorts here.
