FX.co ★ remington.kihn | USD/JPY

Yes, 159.34! Well, here is the market’s answer to all our reasoning. After the weak US data it did: 158.60 → 159.10 → 158.85 → 159.25 → 159.34. So there just weren’t enough dollar sellers below 158.60. Moreover, every pullback is quickly bought up. Right now I wouldn’t try to explain every candle with fundamentals at all. The market is clearly living its own life. The nearest real test is 159.50 - 159.60. Today’s high is 159.59 there. If it gets there and starts to break through confidently, then it will be interesting to see what happens around 160.00. For now the picture is amusing: Retail Sales are bad, Michigan is weak — and USD/JPY is rising. That means at the moment buyer strength is more important than the news itself. And yes — 158.60 turned out to be a far from random level.