Something just doesn’t smell right about these moves higher in the JPY crosses, they feel totally overdone to me and I think it’s 100% driven by speculative plays. It’s December, the month for silly moves, and I think some professional players are trying for the “Hail Mary trade” in the hope of redeeming their year.
If we get another silly exhaustive spike up towards 110.50/111.00 in EUR/JPY then I will try counter trading. If we continue to get a slow and gradual squeeze higher, then I’ll leave it alone.