USD/JPY
Strategy: Flat
USDJPY is on the verge of a trend-defining breakout as prices push below double bottom support at 87.09 to trade at levels unseen since 1995. While the bearish implications of this move are impossible to ignore, our view of the pair’s underlying macroeconomic drivers as well as the rising threat of intervention from Japanese authorities suggest that entering short here would be a dangerous proposition. We will opt to monitor developments from the sidelines for the time being.
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