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.

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