I’m not dead yet, says USD/JPY. The buck has bounced from its fresh 15-year low at 80.84 to test resistance in the 81.15/20 area. Who knows? We might be able to sky-rocket to 81.35 on short-covering if we get lucky.
A move above 82.00 is needed to get the shorts nervous. We stalled yesterday at 81.92 at the peak of the dollar’s recovery.
Saw what you will about USD/JPY, there is something significant down in the 80.80/90 area holding it up. The risk is now that traders get fed up waiting for a break to the downside and cover.
