UJ at a major crossroads.

FX:USDJPY   U.S. Dollar / Japanese Yen
174 0 0
UJ failed to defend the 61.8% support level . But it was only wicks. Since the overall daily trend and macro picture is up I would be cautious about the potential short idea.

But on the other hand market seems to be indicating 'risk off' for the new year possibly because of POMO reduction of 10 billion. Risk off would be dangerous for the the crowded carry trade and the recent aggressive sell-off could be our first indicator that someone big is getting cautious.

We'll see how the market behaves here. Lots of room for profitable bites in either direction.
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