USDJPY Moves to Test 104 Amid Larger Consolidation Pattern

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USDJPY has started to make up some lost ground after the latest Bank of Japan decision left buyers routed. By the time the dust settled, the risk-sensitive pair had lost nearly 500 pips before catching a bid just above the July lows at 100.20 I mentioned the 104 handle on July 29th following the BoJ announcement that left many disappointed. However, the selling pressure proved too intense, and the pair never made it back to test the level as new resistance. Whether the strength we see today will persist as far as 104 is anyone’s guess. But I would certainly expect to see the pair offered heavily in this area if pressured in the coming ... (Read the full story)