USDJPY Massive Show of Strength

USDJPY took out nearly all of last week’s post election decline in several hours. The rally is impulsive (5 waves) so strategy calls for buying a dip. Proposed support is either 104.70s or near 104.15. Upside focus could be significant given the one sided positioning (COT), which was discussed in a note last week. Also, a volume reversal triggered on a daily basis with today’s volume greater than 2 x the 20 day average. That has only happened 3 times in this direction (see scandex.com/2020/11/...stock-market-signal/ for more).