Yen pairs get the sinking feeling
USDJPY broke through the support at 100.70 that held us up into the end of last week, and we've been 100.35.
USDJPY H1 chart
100.15/20 became support last week after the bounce from the test of 100.00 reached 100.10. It's where the bulk of support is likely to be sitting protecting the big figure, though it's probably going to extend down to 100.10 too. The failure above 101.00 is perhaps the most telling signal that we're not out of the woods as far as the downside goes.
You know my views on what happens when a prices keeps coming back to a point time after time and in quick succession. We may yet get to see what stuff the 100 level is made of once again. I've been tipped out of the last of my longs from last week. I may look to trade off the 100 mark again but I'll see what happens, and I'll be giving it very little risk if I do.
