Traders who missed the latest dip in the yen crosses might be tempted to chase today but buying before a clear break of 90.20 might not be a risk worth taking.
The overnight comments from Amari and Nishimura indicated a strong political will to push the pair higher and I believe the pair will trade above 95.00 this year.
That said, Japanese exporters have been eager to hedge at 90.00 and there is talk of major option strikes in the 90.00-91.50 range which expire on Jan 31.
That said, a close above 90.13/20 today would create a huge three-candle bullish formation on the chart. The S&P 500 busting above 1500 would add to the momentum.
