The USDJPY fell after the release of the FOMC minutes on Wednesday as expectations for further QE increased. The cross could not find traction for a move higher throughout the remainder of the week. Even though risk moved north and south during that time. The JPYUSD could remain rather muted until the FOMC meeting next Friday. Support begins at 78 and resistance is above at 78.70. Any indication QE will remain on the sideline until further notice should send the cross higher. If additional QE is announced the yearly lows could be in jeopardy and intervention talk will start up once again.
Keane Plan....Watching treasury yields and risk sentiment. A break of 78.70 exposes 79.15 and 80.
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