The pair continues to trade flat just above its historical low (76,00). A material might be in place but we now need to see a break above 77,70 (recent high) to confirm a bullish reversal.
The overall trend remains bearish and it is still risky to antipate any break to the upside. That we see is choppy price actions for a few days now with market participants not sure about a future intervention from the BoJ.
A break below 76,00 would of course negate any bullish bounce.
We will stay on the sidelines on this pair until we see a trend emerges.
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