Better sentiment underpinning USD/JPY gains
The S&P 500 is up 18 points to 1899 as it chomps into yesterday's 49-point loss.
USD/JPY fell as low as 119.25 in Asia but it's been steadily bouncing back and caught its latest bid as stocks climbed higher. The pair is now up 17 pips on the day to 120.09 after hitting 120.16.
The rebound today underscores support at the bottom of the recent range in the pair. For me, this is by far the most important chart in the forex market; maybe any market.
When it breaks, go with it.
