I am not too original here, in that this was also my trade of the day yesterday but the market didn’t get to my level. The fact that we failed to break below 100 yesterday has me feeling fairly confident that I will get set. The short term feel is still bullish but if you look at the long term picture, we are reaching levels of major significance. Add in the fact that EUR/JPY stalled at the 200-day MA and is possibly putting in an interim top, and the case for selling USD/JPY starts to improve. I am looking to build a short position around 101.50/102.50 for a move back to 98.00 in the short term and eventually back to 92.00 in the short/medium term.
