The mythical, magical USD/JPY rally has finally arrived.
Or has it? Anyone who has gotten long for the long haul over the past 5 years has some battle scars.
There is chatter about exotic options which could be vigorously defended at 81.50 and moreso at 82.00. The option defense at 81.50 also converges with technical resistance at the 61.8% retracement.
Today’s gains come after Presidential favorite Shinzo Abe said he wants the BOJ to cut rates to zero, raise the inflation target to 3% and embark on unlimited QE.
