The Kuroda rally and oversould bounce lead USD/JPY to test resistance near our technical level to get short, or 120.88. USD/JPY did a little better that day, but failed intraday near the 200d moving average. This failure also aligned with the failure to break back above a long term trend line that was support and is now resistance. In our January 28th report, we highlighted mutliple trending indicator are pointing lower for USD/JPY and we’d like the opportunity to sell it on a bounce. The signals included, and still do, a bearish Ichimoku cloud cross, the most bearish momentum seen in four years according to RSI and ... (full story)