USD/JPY: What can’t go down should go up

I sold smalls yesterday in order to have no USD exposure heading into the FOMC and I am closing this position with a tiny profit. USD/JPY has hardly moved and EUR/JPY is consolidating above 123.00, so best I get out and wait for better opportunities.

I’m now running a straight USD/CHF long position and will look to increase near short-term technical support (see members section) at .9080.

  1. Hi Sean,
    What do you think is driving the Franc higher? I can figure out any fundamental reasons, but perhaps month-end flows? EUR/CHF looks like a good buy with decent support ahead of 1.23

  2. Not sure Milan, but I think mkt got long at wrong levels, buying above 125 was just panic. Need to stay cool with this one I think, and pick up any ‘silly’ dips

  3. Hi Sean, I am expecting stops over 91.50 to be triggered. 91.70 max maybe? It could also drive EUR/JPY up to 124 and we can go down?

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