Bears holding the highs in USDJPYThe most recent break below 110.5 indicates that this sell-off towards the end of the Fiscal year is looking impulsive in nature. This is a result of combination of flows from Yen repatriation for the FY end and risk-off via Central Bank uncertainty, Brexit and Meuller (now cleared).
Any pullbacks towards 110.2 and 110.5 should be considered corrective and countertrend offering great opportunities on the sell-side. The targets below for shorts come into play at 109.3.
I am actively adding exposure on all pullbacks as mentioned. Best of luck for those joining.
