Nearly 580 pip run from Election night lows and test of the 200 day MA has traders gasping for some air
Two days ago the USDJPY was at 101.179. Yesterday and today it was testing 107.00. That is a pretty good move in a short amount of time and the combination of the move (nearly 580 pips) and the key 200 day MA at 106.53 (until yesterday it had not closed above the 200 day MA since mid-December in 2016), has traders a bit gassed. Yes, when you close above the 200 day MA for the first time in nearly a year, you expect additional momentum. But you also may get what we are seeing. That is "We made it", but "I need to think about the next move now".