USD/JPY: Feels like typical bullish consolidation- next target 117.50

Every pullback seems to run into a myriad of bids and this type of sideways trading after a big up-move certainly smells of typical bullish consolidation. The next big optionality level is at 117.50 and that would seem to be the obvious topside target. Personally though I’m leaving it alone as my timing on this pair has been atrocious.

  1. I have quite liked the AUDJPY for a long trade as Australia would seem to be a destination for the recently freed up foreign asset allocation changes. Pretty long in the tooth now and resistance looms in the pair, but it does seem a trade supported by capital flows.

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