JPY – Usd/Jpy remains the great unmovable object as we trade around 120 but don’t get any momentum either way. The chart below shows how tight this pair has come, even as we’ve had some significant risk-on/off trading in other pairs. We are mildly supported by some recent gains in the stock markets, but I believe the risk for the next big move is firmly to the down side. 118.50 is the big support. Japan and US holiday today, which doesn’t bode well for Usd/Jpy action.
120.89 is the 200 Day MA, providing resistance.
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