Forex Analysis: Staying Short JPY
I'm back in the saddle after a week off from trading, and it really doesn't seem like i've missed much. I remain long the USDJPY with an average price of ¥79.02, and the pair is almost exactly where it was when I left.
It's a longer-term position and I maintain that the USDJPY has set a long-term bottom. I'm further bearish both the USD and the JPY because of extremely quiet market conditions, though I'll look to trade those through our automated strategies.
I'll update any thoughts on said positions via the forex real time news feed.
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com To receive the Speculative Sentiment Index and other reports from this author via e-mail, sign up to David’s e-mail distribution list via this link.
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