The USD/JPY has had a strong run this week and has again attempted to break through the 100 level, but yet again it has failed to break through this huge psychological level. It came very close this time around reaching a high earlier today of around 99.90 but it has fallen back since then.
I've traded this one a couple of times today going short at 99.70 and exiting at 99.40 and both trades worked out well. They were based on my belief that the price would fail to hit the 100 mark and so far this has turned out to be correct. I almost had another entry this evening but it didn't quite hit my desired entry point of 99.70.
At the moment it looks unlikely that it will break through this important level because looking at various technical indicators on the 4 hour chart, they are all in overbought territory and looking like they're about to turn downwards.
So although I do think the USD/JPY will eventually break through 100, I don't think it will be this time around.
(I'm now fully expecting to wake up tomorrow morning and see the USD/JPY trading over 100 after writing this post 
)
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