I remain short the USDJPY from ¥83.40 and have since trailed my initial stop to roughly breakeven at 83.60. I will actually trail the stop even further, as I think a break above 83.00 points to further topside. A bearish market that isn't falling isn't bearish, hence I'll be cautious from here on in.
I still like being short US Dollar, however, and as my weekly strategy outlook piece points out, I think it's headed lower through this week. I'm on the lookout for good entries, particularly on EURUSD and AUDUSD. As always I'll keep my thoughts updated on the Real Time News feed.
--- Written by David Rodríguez, Quantitative Strategist for DailyFX.com
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