What's the next target for USDJPY?
You can't beat an FOMC to get USDJPY excited. Throw in the Japanese messing around with their sales tax decision and there's two big reasons to see the pair go up. So far, this is the biggest correction we've had during the fall from 125.85. All have failed to reach the 600 pip mark. That's probably not news you can use but it's a pattern nevertheless. Should we maintain the rally and break the 600 pip mark, we still have work to do and the first target level comes at 111.85/90. This is where the break down through 112.00 was protected. Above that is the 100 dma at 112.45. Take out those two and we're on for a test ... (full story)