Flows and Orders/FXWW News/JPY crosses/USD/JPY

USD/JPY: Expect tight 97.40/80 range

This pair is stuck between the 200-dma at 97.38 and reported corporate sell orders at 97.80. I’m still leaning towards a bearish bias, with reports of heavy topside offers and an already long market swaying my opinion. If USD/JPY is to rally, then it will surely come via sharp moves in the Yen crosses as I cannot see the USD getting bulled up any-time soon.

  1. Morning Sean, Everything has been so quite since the markets opened Sunday, I’m also still a Bear, and i’m hoping for a retest of 97, but my gut is telling me we will Break 97.8 and retest 98-98.4 today, and so I have decided not to trade this pair until we go lower or past 98 where I am looking to Sell. What are your thoughts, is a retest of 98 a possibility in your view today, or Should I test waters soon with a short trade?

  2. Plenty of patience required Abdullah, it’s a tricky market to trade and I can’t really get a feel for either the type of mkt or ultimate direction. Keep positions small until the lights come on 🙂

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