On August 14th, I discussed whether the USDJPY bounce was temporary or something more. The key takeaway from that post was that buyers needed to clear 106.80 on a daily closing basis to extend the rally that began at 105.00. While USDJPY bulls haven’t done it yet, they are keeping the pressure on 106.80. Notice how the pair hasn’t backed away from the 106.80 resistance area since testing it on August 13th. We even have what appears to be a higher low at 105.65. This is similar to the GBPJPY idea I discussed on Sunday. While it isn’t guaranteed, higher lows into key resistance usually results in a break higher. A ... (full story)