With the Dow making a U-turn from an early sell-off, JPY shorts are getting eager and active. While the chatter about the USD/JPY will begin, that’s not the pair I am looking to sell JPY with. Rather I am looking to the CAD/JPY, NZD/JPY, and GBP/JPY. I don’t want to be cryptic so let’s take a look at what I don’t like about the USD/JPY. While I overall do not like a U.S. dollar short (the U.S. Dollar Index continues to chop in a range on the daily time frame) my issue with the USD/JPY is the sideways chop the pair is in. Notice the sideways 34EMA Wave and the steady mix of green, red, and blue GRaB candles. While ... (full story)