Apologies to Clyde for not issuing his buy recommendation at 108.58 about 2 hours ago. His fancy-pants, too-complicated-to-explain, system issued a short term buy signal with a target at 109.00 but I ignored him as the market was so quiet (I’ll promise to listen next time Clyde).
The bigger picture sees USD/JPY in a bullish trend-channel with extreme parameters now at 106.50 and 112.70. I know this is a fairly wide range but I think we should be avoiding taking any major positions until we get close to these edges (unless of course Clyde says so!!).
You probably know my longer term view on USD/JPY pretty well by now; it will rally to 113/114ish when the EUR, GBP and AUD get another smash lower against the USD and then we sell for a major downmove.
