Like a hungry woodpecker USDJPY keeps pecking at resistance
Despite what looks like strong moves in many pairs, there's a distinct lack of conviction to really bust a move. Cable has tried and looks like it's wilting, the euro looks buoyant but not very commanding.
USDJPY has just chalked up a new high of 100.91, about 4 pips higher than it has been all day.
USDJPY 30m chart
The worry for recent shorts is that 101 is retaken, the worry for longs is that it isn't. Despite being long I'm more inclined to think a failure will result in a very swift fall back towards 100, and maybe worse but I still think we need a catalyst to really take out 100.
