I took profit on my USD/JPY day-trade of yesterday but I must admit I found it a frustrating experience, too much concentration and tension for too little reward. I will now stick to my medium term strategies.
I’m short AUD/USD after yesterday’s renewed failure at .9325 and I have a sense that this rally in the JPY crosses may soon run out of steam. USD/JPY has some major resistance at 89.40, the daily trendline drawn through 97.75/92.25 plus the 61.8% retracement of the 92.25/84.85 fall. If these sorts of levels hold they can be technically very strong.