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
