USD / JPY

[the golden gun]

The "smart money" beat you to that trade. It setup on Dec 26th when USD-JPY decoupled from the USDX trend. (Note the lack of comparative trend Highs) But 115 to 116 is being defended. The Bank of Japan isn't increasing its exposure (more than it's doing monthly, already), but it's been clear for a bit that they'll keep it elevated pretty far. (Last year they were defending 100 to 101 really heavy, that's part of why so many were Long)

But what better way to defend 100 than to make 105-110 seem cheap.

monthly order blocks:

 

[GdayFx]

What you reckon, they leave the liquidity in place, drive it lower then run at it later to the next high, just a guess.... nothing more
either that or they shoot the moon soon, some US pairs are forming tops

 

[helly]

Japan's economic situation is not good. I believe that in the coming weeks the usd-jpy cross will continue to rise