FOREX: Japanese Yen on Fire as Stops Absorbed Across Crosses

Our YouTube video examines today's sharp move lower in USD/JPY and the recent surge higher in the Japanese yen.

In the screenshot below of a USD/JPY 15-minute chart, we see how large stops were hit below the four levels we identified.

In the screenshot below of the Daily chart, the significance of the 4 levels is evident. They represent key retracement levels related to relative Lows from 2014 through the High of 1 October.  We moved below these areas today and below the 50-day moving average.

In the screenshot below of the Monthly chart, we see that the October intramonth Low is right around the 50% retracement of the total USD/JPY range from early 2002 to the present. This is very technically-significant.

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