USD/JPY hits 109.00 as the bounce continues. What's next

Technical Analysis

Author: Adam Button | usdjpy

USD/JPY at the best levels of the day

USD/JPY is up 1.15 pips on the day to 109.00.

This is a super-interesting chart. It looked like a major breakdown but now there is a chance it's a false breakout and reversal. It's very, very early. One the one-day chart I'd like to see it above 109.22 today. In the bigger picture, I can't get interested in longs until 111.00 breaks.

In any case, it's one to watch.

I can't see anything on the calendar, including the Fed, that should be a big driver. Chiina maybe?