Yesterday, the USDJPY was on a wild roller coaster ride as the peaks and valleys from the Russian ruble turmoil and stock market anxiety sent flows into and out of the relative safety of the yen. At the end of the day, the price moved over 220 pips to the downside, recovered 220 pips to the upside, before falling 150 pips into the close. Today, the price has recovered as stocks steadied as did the ruble. The upside has found the underside of an old trend line and the 50% of the move down from last Thursday’s high as levels to define and limit risk (at 117.56 area). This will be a “line in the sand” for me through the ... (full story)