Yesterday we saw USD/JPY approach the top of its range, gap up, and then spend the rest of the day dropping.
A beautiful gap fill if you were looking to short rallies in the pair as we spoke about in yesterday’s blog. Just take a look at the intraday chart here:
USD/JPY 15 Minute:
The gap fill is pretty self explanatory, but look at the way that price has retested the gap fill line and continued lower. There’s definitely a bit of bearish momentum to start the week and when you see these little pullbacks into previous short term support being sold, you know there’s often more to come.
