USD/JPY: Buying dips favoured
- The most obvious trade to my eye is to buy dips in USD/JPY whilst the wedge consolidation pattern still holds;
- I’ve been stopped out of AUD/USD long position and will now sulk and reassess;
- I’m still long cable and tiny short EUR/GBP ahead of Mr Carney’s first ‘on-the-record’ speech as BOE Governor;
- EUR/JPY looks and feels like a ‘buy’ to me but patience required;
- Gold and Silver keep marching higher and it seems to me that the moves are highly correlated with what’s happening in EMs like the INR.