Disliked{quote} I see your viewpoint and am very bearish on the yen long term. However, I believe the market will shake out weak longs by probing under the last major low @95.80. This also correlates with probes above 1.34 on the EUR/USD before heading lower under 1.30. I just don't think the market is going to be friendly and throw us an easy trade all the way up above 100 without a little shakeout first Thoughts?Ignored
If U.J goes down, two interesting targets to go long would be either:
1- 95.5, as per a 5 month support trend line (the solid green line on my chart)
2- 94.6 if it breaks trend support and holds at the end of a bullish bat pattern, and also becoming confluent with the 88.6 BC leg of the butterfly
This bearish divergence is also supported by GBP/JPY where a bearish cypher is almost a day away from completion.
On the other hand, seeing as Cable currently has a bearish bias, and S&P seems to be picking up. The way I'm seeing it, the dollar is starting to be very bullish, maybe it would be a better idea if you go short on the GBP/JPY, we all know to never bet against a bullish dollar.
Time will tell.