USD/JPY: Plenty of sideways trade
- Fed tapering and BOJ expansion ensure a bullish set-up for USD/JPY;
- But, the market is already very long;
- And, risk aversion across Asia is encouraging JPY buying.
More sideways trade ahead but we cannot ignore the fundamentals or the positioning. I think we may get a downside clean-out fairly soon when longs lose patience but be prepared to buy that big dip in line with fundamentals.