USDJPY due for fiscal cycle and statistical correction
- As the first month of Japan's fiscal year, out of the past 12 April's, 7 have seen a drop, 3 sideways movement, and only 2 have resulted in a meaningful rise.
- RSI is at an all time high in this range.
- Where we are now will result in a negative stochastic crossover for this month.
- Even a revert to mean will expose 90.
- There is also really nothing left the BOJ or Abe could say to move the markets. It would require some committed immediate action at their next meeting to continue upward (April 3/4th).
- It's always dangerous picking a top, but I would feel comfortable with a short in the 95-96 range.
- RSI is at an all time high in this range.
- Where we are now will result in a negative stochastic crossover for this month.
- Even a revert to mean will expose 90.
- There is also really nothing left the BOJ or Abe could say to move the markets. It would require some committed immediate action at their next meeting to continue upward (April 3/4th).
- It's always dangerous picking a top, but I would feel comfortable with a short in the 95-96 range.