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USD/JPY edging towards 140 this morning
Yesterday, as covered here in reports, the USD/JPY tried to rebound back above the 141 handle, but each attempt was met with sellers above the level. The USD/JPY later closed the US session at 140.86. It did make a move above 141 earlier today, but that stalled at 141.17 and the dollar fell back and took out the low seen yesterday (at 140.47). Acceleration and momentum through that low has seen it fall close to 140 not that long ago. The low seen so far has been set at 140.10. Naturally, 140 is a big psychological level and is likely to attract at least some buyers. At the same time, the risk of stops below there is live too. Also, the reader is reminded of the prior 2024 low, set last September, at 139.58. There is no doubting that is well and truly on the radar now. The fact that the Nikkei 225 is barely lower today is also an indication; this move is not about the Yen, it is about the dollar. That is in trouble folks. The USD/JPY is right now at 140.18
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