• Certainly USD/JPY looks extremely well bid at the moment and there are no signs of a top forming just yet;
  • The worrying point for me is the extreme positioning that is reported from some areas of the market, particularly amongst professional players;
  • If you are playing from the long-side, I’d try to keep stops exceedingly tight just in case this pair turns;
  • Gains made during illiquid holiday markets will usually be erased just as quickly once normality returns;
  • I’m staying sidelined on this pair but am willing to sell any silly spikes towards 1.10/1.12 (getting closer!)