JPY outlook: Time for the bears to take over again?
- Wedge pattern in USD/JPY won’t hold forever (see chart) and I expect it to break higher;
- EUR/JPY also in sideways consolidation whilst potential double-bottom in AUD/JPY (see below);
- Heavy risk-aversion has led to plenty of JPY buying in recent days but once this abates we should see plenty of Yen selling.
Risk-reward favours being short JPY against the major of your choice IMHO.