JPY crosses/Trade Ideas

JPY Crosses: Worth a very risky contrarian play?

Just having a look at some of the main JPY crosses, GBP/JPY, EUR/JPY and AUD/JPY and whilst they all look suitably bearish given the current risk-off environment, I’m wondering if they aren’t worth a short-term contrarian look with excellent risk-reward on offer.

The levels I’m looking at are 129.10-25 for a topside break in GBP/JPY, 117.50 to provide solid support in EUR/JPY and 71.50 to start providing base support in AUD/JPY. I’m waiting on some increases in bullish momentum before jumping on board and I will definitely be out before the close of business on Friday as I don’t fancy a risk on position over the weekend!