Elliot_Myers
Short

USD/JPY Farm Roll Preview

FX:USDJPY   U.S. Dollar / Japanese Yen
Yen long positions on the futures market are at record highs and historically any high risk event to the dollar supports the Yen as investors seek to protect themselves from uncertainty.

Price rejecting the 50% fib level and an interesting candle formation lead to a reasonable conclusion that further downside gains are to be made this week.

Poor US news will open up a re-test of last weeks highs where as a good non farm and positive US news have scope to break the current range towards the 100% fib level.

Beware that price can break up on the several pieces of high impact US news if they are positive however the fact that it's an 'if' means that a short position which is backed by price action and investor sentiment in the futures market is likely to yield a high probability of profits.
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