USD/JPY struggling ahead of wall of offers
USD/JPY surged higher after jobless claims but the move stopped dead at 99.41 as the stock market fails to offer any support for the rally in risk assets.
The reason is a wall of offers beginning at Monday’s high of 0.9947.
It doesn’t get any better from there with exporters selling at 99.50; more sales (said to be strong) at 99.55/60. There are some buy stops mixed (especially above 99.70) in but it will be a chore to get above 99.60, especially with stocks sliding.
Better to look for shorts here.