USDJPY is returning back to the 116.00 level far too often for my liking
Kuroda who?
We're slipping and sliding all the way back down towards 116.00 as further yen buying takes the yen pairs lower still.
USDJPY daily chart
There's only so many times a level can be tested before it breaks. The chances of a sizeable break increase with every test. Be wary about a test down there.
116.75/80 now looks to be the larger resistance ahead of 117.00 and we could see some coming in around 116.50 first.
Should we go through 116.00, there are large stops building around 115.80. Down at 115.50, along side the large bids, there is a barrier and more stops. The same is noted at 115.00
