USD/JPY: Selling rallies towards 101.00 preferred

• Prime brokers report that short-term speculators are building long positions around 100.00.
• The Yen crosses remain reasonably well supported but macro players are eyeing big levels like 95.50 in AUD/JPY and 129.00 in EUR/JPY.
• Ranges expected to hold ahead of Friday’s NFP.

Personally I feel that a 300 pip dip after a 30 big figure rally is not yet a ‘dip’ and I prefer to sell rallies for a test of China’s dnt base (if it’s still live that is) at 97.00. I have solid short-term resistance coming in at 101.05/10 and that’s where I’m hoping to increase my risk.