Disliked...yup...still in ranging mode between 75.60/70-78.00 (but become smaller right now)...but am not suprice if it broke that support area and trying to test 70 within this Q1 in order for us to see a 55 direction for a longer term target...hence, will take a look how NFP reaction as well as Jan close to figure out what is going on before taken my position...
gIgnored
Japan has a few cards left to play, I don't think they will let the yen continue gaining value. What was the point in intervening twice at 75 just to see it plummet more? I think it will definitely be defended.
Technical patterns and broken and decimated quite often, when you know there's fundamental patterns here, such as intervention and political sensitivity, I can't argue for going short, anymore than I can long. That being said, this is the EXACT reason USDJPY has been in such a tight range. So if you are a betting person, it's truly, do you short with technicals and ignore reality, or do you position for a further yen recovery and leave a generous stop on the downside? Either way, most traders have moved on to better opportunities in other currency pairs. I only trade this pair because it moves slow enough for me to keep up with.