The late trading action in the USD JPY indicates the buying may be greater than the selling at current price levels as this pair is in a position to post a secondary higher bottom.
Last week’s closing price reversal bottom helped signal the start of a possible change in trend to the upside in the USD JPY.
Earlier this week, last week’s closing price reversal bottom was confirmed. Today this pair appears to have survived a test of the bottom at 90.13 and is now in a position to form a secondary higher bottom.
A close over .9109 will be as good sign of a higher bottom, but a close over the 50% price at .9133 will be an even better sign that the buying is greater than the selling at current levels.
