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USD/JPY: my feeling is that the market is quite bullish

By Sean Lee || March 17, 2010 at 22:32 GMT

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I don’t have the patience to trade USD/JPY but after talking with a lot of fellow traders the unanimous view (apart from mine) is that USD/JPY goes higher. Once the repatriation flows are over and done with, USD/JPY will take out resistance at 92.25 and establish a base for a move towards 100 over the next 9 months. Perhaps they are right but I cannot now start entering a trade with a possible exit time around Christmas. Until the JPY crosses can overcome their medium term downtrends then I cannot see how USD/JPY is going to rally.

Corporate sell orders at 91.10/20 and stops below 89.75 is what I’m hearing from the order book grapevine. Dip

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3 Responses to “USD/JPY: my feeling is that the market is quite bullish”

Nicola on March 17th, 2010 22:55 GMT

Is it the end of the month the repatriation flows end?
Thx Sean
Sean Lee on March 17th, 2010 23:09 GMT

Yes Nicola, in fact they will start dwindling as and from mid next week
simon on March 17th, 2010 23:14 GMT

funny, all the short term spot traders go long usdjpy every week , stopped out by the end of the week …..

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