The speculators have started selling the Yen crosses again but they may have a tough time of it today. There has been decent institutional demand today from Japanese pension and investment funds across a range of pairs which might level the speculators caught short near short-term lows?
I’m bearish overall but we do need to get our timing and entry levels correct, and I don’t think today is the right time to be selling. One possible exception is GBP/JPY, with the market starting to turn quite bearish on the pound.