USD/JPY: Looking quite bearish to me
- Most important factor here is short-term market positioning, and there has been again a big build up in long positions in recent weeks.
- Short-term charts look quite bearish (see chart) and a move lower towards 97.00 certainly looks feasible.
- The USD has lost some of its bullish glow.
- AUD/JPY and EUR/JPY have had false bullish breaks in recent days and also look susceptible to sharp-ish retracements?
- It’s Friday! We often get sharp moves at the end of the week and for mine, today’s risk is to the downside.