Yesterday’s USD/JPY break points above were located at 113.82 and 114.36. USD/JPY dead stopped at 114.32 and reversed. Mind the Gap yesterday as today and Mind the Gap on any continued USD/JPY longs. This Gap will be monitored over next days as its the main driver to USD/JPY. The Gap was valued at 54 pips yesterday while today’s Gap is valued at 47 pips from 114.22 to 114.69. The Gap is the current Statistical Price Path in USD/JPY rather than a technical chart pattern as I left technical chart patterns many years ago. Main point is the levels are perfect as we don’t have time for speculation. Respectfully.
A lower USD/JPY must break tough supports at 113.49 and 113.57. A break of 113.49 converges against 113.43 then comes 113.29.
EUR/USD is trapped below by 1.0821 and 1.0764. The bottomside to EUR/USD drops 15 pips from yesterday. The 2 main break points below are 1.0861 and 1.0843. At 1.0821 is not expected to break today nor 1.0764. At 1.0764 is the must break point where any longs are finished.
On the topside, most vital break point is 1.0955 and not expected to break. A break of 1.0955 assumes USD/JPY breaks 113.49.
Commerce Sec Ross stated yesterday, 3% won’t be seen in 2017 while Fedspeakers continue to harp on in regards to improved economic conditions ahead. Ross is the one whose words are valid. What’s 3% topside means is GDP should range inside 1 to 2%. Samll range and informs no big dramatic moves in FX pairs but rather slow grinds.
On the Political front, mentioned Hillarious and Obummer will be back in fullforce. Both are back in less than 100 day absence. Add Biden and Jarrett now out to this dangerous duo and trouble exists ahead for Trump and the Political system. Last, Trump’s rescue and success is confront and eliminate the 100 year Democrat network.