As I mentioned yesterday, the 81.45/50 area was always likely to be a tricky technical resistance area for USD/JPY and so it proved.
We topped out exactly on 81.45 and have so far retraced back as low as 80.89, presently at 80.98.
There is talk now of sell stops through 80.80. I’d expect them to be relatively light. Also talk of buy orders clustered down at 80.50/60.
I certainly haven’t given up yet on seeing an even higher USD/JPY rate in the months to come. Just a case of trying to work out how far this latest sell-off will extend.
