The violent nature of the USD/JPY rally to 92.20/25 surely left more than a few market-makers short along the way. 91.30 is now the first logical level to begin trying to cover some of those shorts in the near-term. That was a resistance level blown through by EUR/USD as prices gapped a full yen to the topside. USD/JPY trades now at 91.45.
One of my favorite cliches is that trading forex is like being an air traffic controller: Hours of boredom interspersed with moments of terror. Today was a classic example of that axiom.
Below, find some fibo supports on pullbacks within today’s 89.55/91.22 rally.
