Short USD/JPY but otherwise confused…
- I’m quite comfortably short USD/JPY with a 100 pip stop above 106.00; if prices get there then I’m wrong.
- I’ve cut all of my long AUD positions against the USD and the crosses; I remain bullish but I’m not sure on the timing. Gold still looks bullish and EUR/AUD is surely a sell-on-rallies proposition but I will keep my powder dry until bullish momentum starts returning to the AUD.
- I’m clueless on the GBP and am trying to trade cable intraday in very small lots, hoping for the ‘feel’ to return.
- Positioning is reportedly quite light across the board, apart from macro short GBP, and it’s hard to see the market getting overly aggressive ahead of next week’s US election.