USD/JPY: Heavy offers 97.60/75 cap for now

  • Yellen appointment helped USD and risk-trades sending USD/JPY higher;
  • Budget impasse still a worry and it’s still too risky in my view to contemplate medium-term USD longs;
  • EUR/JPY feels to me that it could be in for a 300/500 pip dip and I’m looking to sell any rallies 132.20/50 for a test of 128.00.

Plenty of intraday bids 97.00/10 and sellers between 97.60/75 should ensure range trading for much of the Asian session.

  1. Morning Sean,

    I agree with you, EUR/JPY looks like its going to tank, and GBP/JPY also seems like it might tank too soon, so my question then is, Once these pairs start to go down, shouldn’t usd/jpy also go down maybe to, and Everybody is already eyeing 96.2 – 95.8, so can this become a reality in the coming weeks?

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