Hi BR, we both missed the start of this rally. So I dont take any short position now.. simply because we dont know whether this is the end of the rally or we are still in the middle. I would just stay away and wait for a signal from my 1hr charts.. may not happen until London
02:20 USD/JPY: Trading Heavy, Cross Weakness Adds To Down-Pressure Tokyo, August 15. USD/JPY continues to trade heavy, weighed down as much by JPY cross weakness as sales in USD/JPY per se. Some JPY crosses look to be in virtual free-fall. EUR/JPY, GBP/JPY, AUD/JPY and NZD/JPY all look to be under considerable downside pressure. EUR/JPY in particular has broken below a number of key supports. With Japanese margin players and retail investors still considerably long, more position paring may be in the cards. USD/JPY itself looks to heavy from as close as 117.50 now with offers above building. They are seen especially heavy from 118.00 now. Bids remain ahead of 117.00, some to protect presumed option barriers there, but it may be only a matter of time before these are eroded. Large stops are seen below and could propel the pair back down to the low-115 levels seen in early March, USD/JPY currently trades 117.41/43, EUR/JPY 158.74/79. [email protected]
