It may have escaped some traders notice that the JPY has been hammered in the last few months.
So much so that GBP/JPY hit 200.49 earlier today, USD/JPY hit 160.00 and EUR/JPY hit 171.65.
Some of these are historic highs, in fact USD/JPY is a 30 year high.
I'm unaware of any intervention by the BOJ that would cause the 570 pip fall in USD/JPY (mirrored EUR and GBP) but all the signs are that JPY SELLERS are steaming back into this market and we may see a return to the recent highs.
Getting LONG here looks a no brainer as we could see this pair go from WS1 at 166.00 all the way back to WR1 at 171.00 and maybe even higher.
The major concern would be if the BOJ DOES intervene which would see the JPY rise sharply.
So get LONG this pair with breakeven stops and with luck we could see a shed load of pips on offer.
So much so that GBP/JPY hit 200.49 earlier today, USD/JPY hit 160.00 and EUR/JPY hit 171.65.
Some of these are historic highs, in fact USD/JPY is a 30 year high.
I'm unaware of any intervention by the BOJ that would cause the 570 pip fall in USD/JPY (mirrored EUR and GBP) but all the signs are that JPY SELLERS are steaming back into this market and we may see a return to the recent highs.
Getting LONG here looks a no brainer as we could see this pair go from WS1 at 166.00 all the way back to WR1 at 171.00 and maybe even higher.
The major concern would be if the BOJ DOES intervene which would see the JPY rise sharply.
So get LONG this pair with breakeven stops and with luck we could see a shed load of pips on offer.