USD/JPY - Interesting Bounce ! - 5/11/2016

FX:USDJPY   U.S. Dollar / Japanese Yen
57 0 2
We have to say that we were lucky to grab some longs between 105.50 / 106 level, which was kind of leap of faith assuming 200 WMA will hold for session or two if not longer. We didn't anticipated bounce this big and offloaded most of our longs near 107.50.
It is interesting that USD/JPY             is having such a nice bounce even during US Treasury yields are tumbling and Fed is dithering from their vogue commitment of rising rates. But anyway, we trade what we see and not what we think or believe ! Currently it is going up and from price action, it looks like it wants to go up further and we will try to grab the dips. Again, area between 107.50 / 108 will be interesting during the ride lower. That's where we can dabble with small long. Of course first we have to ask ourselves why we are there in first place ! Even current level of 108.50 is interesting and if that holds, we can be preemptive in getting long. Let's see how Europe behaves and we are going to have our answers soon.
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