I tend to believe that the JPY might go a bit lower before a reaction.
I am watching this carefully for a potential dump in the other pairs like GBPJPY or NZDJPY for example.
Sometimes the market tries to catch with early entries before on last push in the initial direction to trigger break out trades and trigger some stops as well. Then the real flush happens after. There is a possibility of some distribution for a few days as well.
I am in one short only now, small position. Lots of missed opportunities if the dump happens right now at those levels but I am simply waiting for one more push down with the JPY index so we can get a reaction across most pairs.
I am watching this carefully for a potential dump in the other pairs like GBPJPY or NZDJPY for example.
Sometimes the market tries to catch with early entries before on last push in the initial direction to trigger break out trades and trigger some stops as well. Then the real flush happens after. There is a possibility of some distribution for a few days as well.
I am in one short only now, small position. Lots of missed opportunities if the dump happens right now at those levels but I am simply waiting for one more push down with the JPY index so we can get a reaction across most pairs.
Comment:
JPY bouncing up. Other pairs with JPY in them could be dropping right now. Not sure if this is a big dump or not. We will know soon enough.