Two Publishers Named a Pivot 46.6 Pips Apart. Tokyo's High Broke One and Missed the Other.
Two Japanese publishers put out a pivot ladder for dollar-yen this morning and the number each calls "the pivot" is 46.6 pips apart: 157.169 on one, 156.70 on the other.
Neither is wrong. Both show their inputs, and all ten published levels reproduce exactly from them - one averaged last week's high, low and close (158.603, 156.078, 156.826), the other Friday's (157.16, 156.08, 156.87). The entire gap is the window. Then Tokyo put its high at 157.21 to 157.22, which is 4.1 to 5.1 pips above the weekly pivot and 11.0 pips below the daily ladder's first resistance at 157.33: the same tick broke resistance on one page and never reached it on the other. The first resistances are 93.3 pips apart and the supports 51.2. A pivot carries a window the way a print carries a vintage, which is the generalisation we published last night about a sentiment revision without noticing it had a price instance four hours out. The only level in that 33-pip cluster that is a real order is a 157.00 strike with a large 29 October cut - and today's own New York cut has nothing nearer than 158.00, 107 pips above spot against a 57-pip range, so the expiry pressure is parked on ECB day and Bank of Japan day rather than today. We also score yesterday's pre-registered 156.07 weekly cloud bound: never tested, 115 pips below the high, and five separate objects now sit inside eight pips down there. We still refuse to call that confluence.