Fresh low at 116.67
US dollar trading is much more of a two-way market today but one place where that isn't true is USD/JPY.
It staged a small bounce from 117.00 but, otherwise, it's been flat or lower. It's interesting that there hasn't been a bit more excitement after it broke below yesterday's low.
To me, that argues that the bears are a bit worn out. On the flipside, the dollar has gained traction elsewhere -- like in EUR/USD which slipped 80 pips from the highs -- but USD/JPY can't get a bid.
Technical analysis
If you turn to the technicals, the picture is more clear. The fall since the BOJ pop has been dramatic and the pair is back near the January lows.
It looks like the selling is exhausted for the moment but the huge reversal argues for more declines. Look to sell a bounce near 118.00 but there is no value in selling now.
