What a week that was! The dance around 150 certainly didn't disappoint. After the break and failure the week prior which continued on Monday, I thought that was it, that price gave it a good shot but ultimately failed, and would perhaps settle below.
To nobodies surprise then when the BoJ held rates at -0.10% that we made almost a straight line move back above the once solid wall. So severe was the buying, I wouldn't have blamed anybody buying dips on Wednesday.
The top was just over 151.700, and despite a small bounce on Thursday lunch, we spent the rest of the week grinding back towards 150. I don't think the Fed decision can really be to blame, it seemed almost certain we'd get a pause, in fact the market mostly agreed in the minutes after the release with a very muted reaction.
Today's jobs numbers was a different story, seeing an 80 pip decline. The past 3 days have almost all but wiped out the BoJ fuelled push giving us a messy looking Daily chart which is no longer respecting the uptrend nor 150 in any meaningful capacity.
Heading into next week i'll be watching to see where price settles. Give everybody the weekend to digest what happened and follow the price action Mon/Tue and let that inform an entry.
Hope you all had a great trading week, and I'll see you in a couple days.
To nobodies surprise then when the BoJ held rates at -0.10% that we made almost a straight line move back above the once solid wall. So severe was the buying, I wouldn't have blamed anybody buying dips on Wednesday.
The top was just over 151.700, and despite a small bounce on Thursday lunch, we spent the rest of the week grinding back towards 150. I don't think the Fed decision can really be to blame, it seemed almost certain we'd get a pause, in fact the market mostly agreed in the minutes after the release with a very muted reaction.
Today's jobs numbers was a different story, seeing an 80 pip decline. The past 3 days have almost all but wiped out the BoJ fuelled push giving us a messy looking Daily chart which is no longer respecting the uptrend nor 150 in any meaningful capacity.
Heading into next week i'll be watching to see where price settles. Give everybody the weekend to digest what happened and follow the price action Mon/Tue and let that inform an entry.
Hope you all had a great trading week, and I'll see you in a couple days.