USD/JPY: Short-term toppy near 113.80

I’m hearing a few snippets from around the market regarding downside stops in USD/JPY and in GBP/JPY in particular. We may see Europe have a go at these later on, as Asia certainly doesn’t seem to have any momentum.

I’m still running a small short position in USD/JPY but after some modest day-trading efforts yesterday, I’ve at least managed to improve it by 40 pips. I’m still 150 pips out of the money but am hopeful of exiting this trade at better levels, hopefully around 112.50. If I can get out there I will take my loss and be grateful it isn’t bigger.

More aggressive USD/JPY bears can try shorting at current levels near 113.60 with tight stops above 113.85 looking for 112.80 perhaps?

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