Short JPY is probably my favorite long-term trade in the forex market. I agree with John Mauldin, Kyle Bass, and other prominent yen bears who think USDJPY is going to at least 150, and probably more like 350. I have some JPY positions on already, and think now is a good time to add a small bit more.
Accordingly, I'm going long EURJPY at 140.47 with my stop at 139.42 -- so risking 105 pips. My target profit is resistance at 153.36 -- a target profit of nearly 1300 pips -- based on resistance going back to 2009.
Accordingly, I'm going long EURJPY at 140.47 with my stop at 139.42 -- so risking 105 pips. My target profit is resistance at 153.36 -- a target profit of nearly 1300 pips -- based on resistance going back to 2009.