The USDJPY had a mini fake break today…
The USDJPY fell below the 100 hour MA and a broken trend line earlier in the NY session which should have been more bearish. When the dust settled a bit, the price break failed and we are seeing a modest rebound.
The price action reminded me of this Fake News/Fake Break video that I did back in February 2017 (see video below). Eighteen months later we still have fake news and fake breaks too.
In our trading, sometimes what we see and hear from the market price action, doesn’t do what we think it should do. We get those false/fake breaks that are frustrating, but they also tell us a story about the sellers (and the buyers). We need to listen and make a judgement from what we see.
Here is the video: