jonasopdahl

USDJPY Going Back to $100?

Short
FX:USDJPY   U.S. Dollar / Japanese Yen
116 views
5
This is an interesting spot for USDJPY . Most analysis I've seen over the past three months are in favor of a much stronger Dollar vs the Yen. I was SHORT early in 2016 from $118 looking for $110 before looking to go LONG all the way up to $121 for new and final 2017 high in USDJPY .

As time passes it looks like USDJPY may have topped out at$118.50. Structurally this does not look, to me at least, like a market that want's to go higher.

"SSI"(speculative sentiment index) supports this view with 71% of retail positions being LONG.

I can still see USDJPY going to $121 for a new high, but the window is closing. I will initiate a short position at $114.50 for possibly a move down to $100 over the next 4 Months.

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