Yen crosses: Strong bounce back shows strength of trend

There was a rush of profit-taking in pairs like AUD/JPY and EUR/JPY in late-Asia early-Europe yesterday but the fact that most of these losses have now been undone shows just how strong the bull trend is.

AUD/JPY is targeting weekly highs near 104.50 and EUR/JPY has marginally breached 130.00 and will not encounter any significant resistance until 134.50.

I see no point in fighting this runaway train and best strategy is to wait for excessive dips or rallies for trading opportunities.