Because it was self-explanatory, duh! Long JPY positions have been declining & fell substantially last week. How you interpret that bit of info is a personal matter.
Toyota says wants dollar at minimum 90 yen Wed Jan 5, 2011 3:49am EST "...wants..." http://us.mobile.reuters.com/article/idUSTKG00701920110105?ca=rdt
Is that the reason for the tall green candle, because Toyota wants weaker JPY relative to USD? <img src="http://www.elitetrader.com/vb/attachment.php?s=&postid=3052915">
No way to know this. I think it's at a higher level, something is about to happen IMO concerning Dollar. Notice how BOJ is not getting involved anymore, yet they can. Remember Mr Kan went to US after their involvement? I think some cards been reveiled to Mr Kan by Mr Obama. Whether they are about to raise short term interest rates or they simply want to show the world that free markets work I can't tell, but technicals point to a turn. I am not that bright or connected to know what the reason is.
those tall candles are "short covering stop outs" very helpfull when trading on a minute chart. volume is key when reading.
80 Ninja is not just a technical/fundamental line, it's a political one. Government has to show that they did all they could. If line holds they will be new Jspanese heroes, if it doesn't hold at least they tried. But initially it has to hold to show attempt IMO.
Updated Monthly chart. Still looking like a classic bounce formation, even more so. I think 10 year yields together with potentially stronger economy comeback Dollar ought to attract interest out of the Yen. It certainly does look book perfect formation. <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=3055086>