Exactly one week ago I mentioned the break of channel support on USDJPY just ahead of the August 17th FOMC meeting minutes. Due to how far the pair had dropped, we were waiting for a pullback to new resistance near the 101.00 handle to secure a more favorable entry. Just 24 hours after releasing that commentary, the pair successfully retested the 101.00 area. In fact, the high of that 4-hour candle was 101.15. Following the retest, USDJPY gave up an additional 140 pips within a matter of hours. However, since the low at 99.63, the US dollar pair has been carving out higher lows on an intraday basis. Despite these ... (full story)