The Cloud based Kijun line is at 113.20 today
The Standard Line in Japanese Cloud land is a frequently used tool by Japanese accounts to leave orders, especially when the main cloud is a distance away.
We, earthlings, can use it as a barometer for market sentiment as Japanese bids are usually decent sized at levels they use.Have a look at 31. October where a similar set up occurred at 112.95.
A hold will set a nice base, at least for the intraday trading as where a break tells us the market is deeper and more directional at that time. In current situation, where I don’t see a major factor for JPY to strengthen , I’d rather go with these bids than against them , with a stop under the second layer under 113.00.
113.20 has also been a good support on a few occasions, which makes it even more interesting.
- $CNH living on hopium? Big week for the Yuan this. - January 13, 2020
- A mildly positive risk market on the open? - November 24, 2019
- A huge USD week. This time it’s different, isn’t it? - October 30, 2019