The USDJPY is rebounding this week from the 105.00 support area. I wrote about the potential for a bounce from here in Sunday’s forecast. There is a descending channel that extends from the March low and April high. You can see how the pair encountered buyers here on the 6th and 7th. For this reason alone, I was not interested in shorting USDJPY. In fact, I haven’t been interested in buying or selling the pair. I felt that the market needed more time to figure out where it wants to go. But just because USDJPY caught a bid at 105.00 doesn’t mean it’s time to buy, at least not for me. Notice how that 106.80 region has ... (full story)