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Waiting to Buy Usd/Jpy Lower

Waiting to Buy Usd/Jpy Lower

2011-08-12 11:01:00
Joel Kruger, Technical Strategist
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Although the market has been well supported just ahead of the record lows from March at 76.25, we still are not convinved that we have seen the lows. While we do like the idea of looking to buy this market, our preference is to look for another breakdown towards 75.00 before considering a fresh long. Retail traders are still overwhelmingly long Usd/Jpy and this provides additional evidence that we have still not yet seen a bottom.

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