Mind that hole…

USD/JPY really throwing the toys out the pram now as longs cave in and all manner of stops are run in a flash to 118.19. 118.00 might be made of sterner stuff but we’ve already bounced to 118.63.

Where have all the dip buyers gone? This is why that daily chart scared me. Call it overbought, look at your indicators, whatever. That chart was a straight line up and they are dangerous and I’ve got an inkling that it’s not over yet.

If we do break 118 then I’ll be looking for another stop run through to 117.50 at least and then I’ll be looking at catching this particular knife.