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Despite the strong dollar sell off in both the previous New York and London sessions, the USDJPY has remained surprisingly resilient. Running into NFP tomorrow this is one to keep a close eye on as there will be either a strong short squeeze, or this pair will play catch up with the rest of the majors that have responded well to the dollar. Under normal circumstances, we should have broken down through 112.00 during London session, but we did not. This points to clues that the market is increasingly uncertain on this pair, however the technicals remain very bearish. Just something to watch for those who are looking to turn an eye to something that may potentially become volatile.
Despite the strong dollar sell off in both the previous New York and London sessions, the USDJPY has remained surprisingly resilient. Running into NFP tomorrow this is one to keep a close eye on as there will be either a strong short squeeze, or this pair will play catch up with the rest of the majors that have responded well to the dollar. Under normal circumstances, we should have broken down through 112.00 during London session, but we did not. This points to clues that the market is increasingly uncertain on this pair, however the technicals remain very bearish. Just something to watch for those who are looking to turn an eye to something that may potentially become volatile.