The buck is finding life tough at the top

The trend this year is plainly obvious, the trend of the last couple of weeks is too.

USDJPY H4 chart

So here we are with short-term and longer-term trends doing battle. USDJPY hasn't strayed too far from its test of 113.00, which means another attempt is not out of the question. If we do get such an attempt, and another failure to break meaningfully above it, there's a great chance that those trading the longer trend will step in and take the price much lower.

A June hike is now the markets focus but we know that they haven't been that good for the buck recently. If we see the dollar run higher on hike expectations, expect another buy the rumour, sell the fact move if it happens.