AgentSmith
Short

Big moves on the way!

FX:USDJPY   U.S. Dollar/Japanese Yen
304 2 3
If history is anything to go by UJ is a great setup at the moment. Spot positioning is heavy long in the pair giving further validation for a down move to shake out weak longs.

USD longer term is still very bullish .. consequently load up on shorts into the 92.00 area meeting up with trend line support from late 2012. There is a good possibility of a fake break of this trend line which would provide additional opportunities to cover and load up on longs for several months into the 108 area.

Interesting times ahead!
ETFInvestingIQ
3 years ago
nice reading - thx - winners know how much they can loose ;-), but for the moment I'm long since today, with a tight stop at 98.30. A fake brakeout has a high probability, but wait for it to be proven.
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AgentSmith
3 years ago
thanks, yeah I personally feel today's move is a fakeout, given the US holiday. I remain neutral for the moment but we'll have to see some solid buying/selling on good momentum to choose a bias.
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