It's been another day of declines for USDJPY 3 May 2016
AUDJPY selling in the wake of the RBA rate cut was enough to send USDJPY through barrier support at 106.00 and that level has now become decent resistance.
I had noted the strong demand into 105.50 and we stopped the rot at 105.55 before edging back up and capping rallies in other pairs such as GBPUSD, EURUSD and AUDUSD.
Attempts to get back over 106.00 though have so far failed also as per the order board post and we're lower again at 105.79. Yen pairs pulling the cores around still and we can expect this to continue adding to the uncertainty/volatility.
Soft equity markets will be adding to the yen safe-haven demand which has also given CHF some decent support this session too.
As I've often said ours is not to reason why, ours is just to sell and buy and by keeping an eye on key pairs/core pairs/equities/commodities you can start to get a feel for the moves as they happen. You won't always get the exact turning point but by keeping your head out of the sand ( and sometimes your chart lines) you can often get a better perspective.
"Feel" per se is not something I or anyone can teach even after 35 years in the business. If it was that easy I'd bottle it up, sell it and stop getting up at 05.00 every day. Trust me on that one, but by looking at price action on your pairs and elsewhere you can start to understand, albeit over time, how they all inter-react.
Remember also though that there are few hard n fast rules in Forex. It always has been, and always will be, fickle as fickle can be so don't over cook your analysis.
