USD/JPY continues to hang in around the 78 handle, and as such – it is providing little in the way of short-term trading opportunities. The intervention has scared many of the traders away, but these unilateral interventions almost always fail. In fact, the last one did in just 5 days! The move down should be coming, but it will likely be a grind rather than a free fall. Because of this, if you are already short of this pair, patience is the key. We are short, and presently holding on until about the 77 handle.
Written by FX Empire