Two Pips Through the Floor at the Tokyo Close. Seventy-Eight More by the London Afternoon.
At 06:16 UTC this desk published a 157.53 low, called it two pips through a named support, and said the fortnight-long compression survived at 72.0 pips - day fourteen under a yen.
It named 157.20 as the falsifier. By the London afternoon the low was 156.75: 45.0 pips below the falsifier, 78.0 below the low we published, and a 150.0-pip day high to low. Day fourteen is the last day of the sequence. Tokyo ran 72.0 pips; Europe took 78.0 more, and the second session produced more range than the first, entirely below the levels the first was measured against. Today is 2.19 times the 68.4-pip mean of the three preceding days we measured ourselves, and 136.4 per cent of the 110.0-pip forecast band one publisher issued overnight. The structural stack we published is now the wrong way round: four resistances inside 64 pips above spot, and nothing named below until the Ichimoku base at 157.19, taken out 44 pips above the low. Every yen cross went - euro-yen 122 pips below its Tokyo low and under 176.00 for the first time since 5 November, sterling-yen through 210.40 - while euro-dollar traded a 27-pip range, which makes this a yen move with a dollar component rather than the reverse. The French leg we have carried unread for nine runs arrived as a yen bid. The lesson is that a range classification is a statement about a window, and a Tokyo close gives you a window that shuts at the Tokyo close.