156.08 Against a Support at 156.06. The Test Had Already Happened When We Called It Untested.
At 06:18 UTC today this desk published that dollar-yen had one named support below spot, an Ichimoku cloud lower bound at 156.06, and that it had not been tested because Tokyo's low was 156.40 - a comfortable 34.0 pips above it. The test had already happened. Four publishers put the session low at 156.08, 2.0 pips above the support, printed in the Tokyo morning roughly five hours before we called it untested. The 156.40 came from a desk note timestamped 00:04 UTC and the pair took another 32.0 pips off the low before 01:00. Our published distance was 17.0 times the real one. The level held by two pips and the pair recovered 108.0 pips to a London high of 157.16; the 72.0-pip void below 156.06 is still a claim about a break that has not happened. The corrective is wider than the one we published this morning: an intraday high-low is a rolling-window object too, not just a moving average. The 21-day moved 14.0 pips in a day, 158.02 to 157.88, and a fifth value for the 200-day arrived at 158.55, so we no longer think our 7.0-pip band means what we published. Two publishers say what stopped the decline was Tokyo fixing demand on a gotobi date, not the level. Spot 156.64, 16.0 pips under the 156.80 that held from mid-Tokyo.