USDJPY bulls are off to a strong start this week thanks to a bounce in equities. But should you trust the latest rally? I can’t speak for you, but I’m not rushing off to buy the USDJPY. The pair is trading below the trend line that extends from the 2015 high, and it has yet to close above 108.50. That’s the key resistance level I’ve had on my radar for the last few weeks. Of course, that does not mean USDJPY bulls cannot or will not close the pair above 108.50. Nor does it mean I’m not wrong. While I still maintain a relatively bearish stance on the USDJPY, the pair could prove me wrong with a move back above 109.50. ... (full story)