USDJPY shows why we watch the big levels 116.00 has been a big level for months and I've harped on about it enough times for it to become boring. The PA over the last 24 hours shows why I have. A lot of people had pencilled in the 115.50/60 level as the big one but I disagreed. 116.00 figure was the make or break number. The chart above is almost technical perfection. It shows a level that is tested over a good amount of time, and then breaks with strong momentum. Why did I see it as a big level? When a level holds repeatedly the market gains confidence in it. That confidence translates into increased willingness to ... (full story)