USDJPY advances curbed by 129 handle, but bullish tone holds

"USDJPY advances curbed by 129 handle, but bullish tone holds...." Or maybe not.

Big money (let's call it Smart Money or SM) places in the market huge orders....big commissions for the MMs. SM then specifies for the MMs where they want those orders closed.....more big commissions for the MMs. What do the MMs do? They, of course, cater to SM orders because that is where the MMs make their money!....HTMRW.

What does this mean for market pricing? It means SM decides how prices move. Fundamentals are just a narrative. Fundamentals have always been just a narrative. Fundamentals always will be just a narrative. And that narrative is important because it serves to put a bias into the market's herd of sheep that will serve to give the MMs liquidity for filling SM orders!........HTMRW.

What does this have to do with USDJPY? Simply, prior to about 6 weeks ago it was extensively ranging. SM was giving the MMs the orders to buy. The MMs were ranging price to get the liquidity to fill the SM orders. When done, and under the control of the MMs, price was launched into a 6 week climb to where SM had instructed the MMs to close those buy orders, about 1,500 pips higher up!.........HTMRW.

And now those buy orders are being closed, hence ranging reappears. The MMs are needing liquidity from the market's herd of sheep.........HTMRW.

Where does USDJPY go to next? That is up to SM and the MMs.........HTMRW.