The market is very long of USD/JPY, according to reports from the big prime brokers, but it’s also safe to say that the market is bullish. There were very large offers near 80.00 earlier in the week and whilst they have remained solid, there has also been no major pullback either.
I think we should allow the bulls to have another big topside push taking out all the heavy offers above 80.00. Then, when the market is long to bursting point, we sell into the rally and wait for the inevitable sell-off whilst trailing stops are triggered. That’s my cunning plan!