DuncanParker
Short

USDJPY Short Term Outlook -- Ugly with a Chance of Fugly

FX:USDJPY   U.S. Dollar / Japanese Yen
196 2 1
Complex topping pattern appears to be taking shape. Not a huge move implied, really, but if this pair is to ever breakout higher as anticipated by many -- it's time to get that show on the road. This isn't what you want to see if you're longer-term bullish . The best trade here is probably the one from the sidelines for now. If you have a long bias based on "fundamental" CB             chatter of "Abe-nomics" -- price action has been saying not enough is being done to keep the Yen from strengthening further ($Y pair lower) in the world central bank currency debasing battle royale. Abe             needs a much bigger catalyst to set that trade into motion. A few hours ago, I opened a short for a scalp with very tight stops. Quick trade -- not a thesis. Good luck out there!
If this was a topping pattern the price should have fallen further. Are you still short?
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Ugh, getting fugly alright...
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