USD/JPY: Plenty of sideways trade

• Fed tapering and BOJ expansion ensure a bullish set-up for USD/JPY;
• But, the market is already very long;
• And, risk aversion across Asia is encouraging JPY buying.

More sideways trade ahead but we cannot ignore the fundamentals or the positioning. I think we may get a downside clean-out fairly soon when longs lose patience but be prepared to buy that big dip in line with fundamentals.