USD/JPY: I’m staying cautiously bearish
- Latest rebound stalling at a 61.8% rebound level (see chart);
- Taper already written into market pricing;
- Retail and professional markets remain quite long of this pair.
I know logic says that we should be long USD/JPY but risk-reward at moment is in favour of the bears. Keep stops tight either side; if long keep stops below 98.50 and if short, keep stops above 99.70.