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The Yen Slingshot Scenario
Yen weakness cannot be assumed with the same intensity it was before reaching 100.00 on the USD/JPY. Expectations, surprises, and the sheer will that carried the USD/JPY to the 100.00 level have played out. With the double top in place, sellers have continued to overpower any urge to break towards 105.00 and 108.00 and while traders always look to “What’s next?” we sometimes have to make sure to be on sound footing before trying to leap too far ahead. The BOJ has given the market a surprise or two that has attracted more yen sellers in to the market but without new reasons to come into the market at these ... (full story)