USD/JPY is retracing after stalling at the 91.60/63 area again, the highs seen on Tuesday. If we work higher, traders report a significant cluster of stops in the 91.80/82.20 area . The 10-day moving average in USD/JPY lies just overhead in USD/JPY at 91.69 this morning.
The pros are heavily short USD/JPY and will get nervous if we move through the 10-day average at a time when the government and the central bank are singing the praises of a strong JPY…
