I am still having bullish bias from last week. SL is different now, a good one below 106.30, a safe one below 105.90. Target is still 107.90 and higher. With negative interrest rates, even asset managers won’t be able to hold onto JPY longs for much longer…and dealers are already short. BoJ wants a weaker YEN, so slowly both fundamentals and technicals are lining up to make USDJPY shoot up. And with a positive swap on longs, its safer to hold long and wait.
