I am of the opinion that the market is short USD/JPY and that we may be about to see a 500/600 pip short squeeze. If USD/JPY breaks back below 90.00 then I will abandon this strategy but if we see a break above 91.50 then I expect to see a minimum test of 61.8% resistance at 94.00 if not a move towards the major trendline around 97.00.
Not hearing much on the order front although there are a number of corporate sell orders around 91.70/80 which should come into play if trader stops above 50 get triggered.
