USD/JPY: Every analyst seems to be super bullish
There’s a good reason that banks never give analysts any trading limits! Their job is to get publicity for their employers and generally sound as if they know what they are talking about. You will also usually find that the analysts tend to follow each other’s calls; less chance of them looking bad that way.
Currently it seems to be a matter of analysts trying to out-do each other with how high USD/JPY is headed (somewhere between 105/120 is common-place). I liken them to the Channel Ten weather team; great at telling you what today’s weather was like but stuff-all use at forecasting tomorrow’s weather 🙂
I’m firmly of the view that if all analysts are saying the same thing then the market will soon turn in the other direction so I’m staying in USD/JPY rally-selling mode, especially when technical levels hold firm. [Edit: The broader market probably has some way to go before it get’s saturated with long USD/JPY positions so if you fancy being long, I’d do so soon].