JPYs are moving, and moving fast - but the direction remains a question mark. Wednesday JPYs took swing high then low, ending up where it all started. The Asian session brought in bearish momentum as JPYs moved short sharply. JPYs are currently at support levels. A break out of the current support will confirm Bearish momentum in the JPYs. The bounce off will indicate a correctional move ahead.
The USD/JPY in particular is testing support at the 93.750 zone. A break out of this level could mean the USD/JPY is going further down, and testing 92.500 levels. A radar will occur on the bounce off 96.00. Let's hold on and see which way the USD/JPY turns...stay tuned.
Intraday traders, use hawk eyes on the support zones; at break out, look out for short - otherwise look for long confirmations.
Sardar Uddin
TradeCuts
www.tradeCuts.com