$USDJPY Forex Signal: Very high volatility hints that a bullish climax has occurred.
I wrote last Thursday that the price was now trading in “blue sky” with no obvious resistance level overhead to stop it until 123.67. I was looking for a long trade from a retracement to 120.50 or 120.00.
This was a good call overall as the price continued to advance strongly last Thursday, although unfortunately there were no such retracements to give a long trade entry. However, I was correct about the direction. The price of this currency pair and all the Yen crosses continued to rise strongly over recent days.
This rise was given an even stronger boost during Monday’s Tokyo session when the Bank of Japan announced that it would buy unlimited amounts of bonds at a fixed price, leading traders to dump the Yen even more heavily. The price rose quickly by almost three times typical recent daily volatility as measured by the Average True Range indicator,¥125 before retreating by more than a day’s average range¥125 today, and probably not for a few days more either., giving opportunities to both long and short traders. As volatility remains high, being nimble and monitoring trades on short time frames will probably be key to trading success here today.
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