• The market remains very bullish on USD/JPY but market positioning is also still quite long;
  • End-of-financial-year flows are now done and we will see the new-financial-year hedging start as early as next week;
  • I maintain a modest bullish bias but I think the 100/105 range will remain untroubled for some time to come;
  • Day-traders will like this pair but position traders like myself will find better value elsewhere.