USD/JPY: Retail market sitting quite long
According to data this afternoon from two retail brokers, around 78% of open USD/JPY positions are long. That should mean that rallies meet with plenty of selling interest.
Next technical resistance of note is a daily high at 79.65. I’m sticking with my buy-dip strategy and will look to re-enter near 78.75 I think, depending on how it looks if/when it gets there.