USD/JPY: No strong ideas today
Many of the big stops, that we’ve been talking about for the last 2 days, were done overnight and a 250 pip fall was certainly a significant event. I’m really not sure what to do today during Asian trade, with prices sitting mid-range at 117.25. My shortish-term bias is still bearish but current levels aren’t that attractive. Maybe wait in hope of a squeeze back towards 118.00 and sell into that rally for the next 200 pip dip?