Possible Near Term Top on USDJPY
Updated
USDJPY is my fave trade at the moment and has been since around 150.
Everyone keeps talking about the BoJ not liking it and it just keeps going. Buying dips has been rewarding and the positive swaps pay every day you hold it.
Really liking the USDJPY long.
With that said, we do now have a new high. The trade is getting more attention and what would be good to see would be a flash correction. The trade risks getting busy as things stand.
Resis I'd expect somewhere as we get close to 161 and I'd like to buy back in 156 - 157 if it comes.
If we keep grinding up, I'll buy breaks with tight stops.
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See the swing analysis for USDJPY here
Everyone keeps talking about the BoJ not liking it and it just keeps going. Buying dips has been rewarding and the positive swaps pay every day you hold it.
Really liking the USDJPY long.
With that said, we do now have a new high. The trade is getting more attention and what would be good to see would be a flash correction. The trade risks getting busy as things stand.
Resis I'd expect somewhere as we get close to 161 and I'd like to buy back in 156 - 157 if it comes.
If we keep grinding up, I'll buy breaks with tight stops.
----
See the swing analysis for USDJPY here
Trade active
Short USDJPY 161.10 Stop 161.33
Comment
That's support hit. Comment
Rally would be coming soon if this setup is right. We'd be completing the spike out. 
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