Short UJ & EJ

10.55 gmt

I did some extensive analysis on the yen pairs and from the daily charts it looks increasingly likely that USDJPY wants to test 93.57 or even possibly 90.42, the 38 and 50 Fibos of the big move up from 75.75 – 103.84. The fact that the bounces have been very weak + every technical level on the upside is getting rejected strongly implies heavy selling above. I have therefore gone short as follows:

Short $3/pip USDJPY at 96.31, SL around 97.05.

Short $2/pip EURJPY at 128.441, SL at 129.20.

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