JPY crosses: Staying out of market until after BOJ dust settles

I still prefer the short side in USD/JPY but I don’t like 50:50 gambles on what central banks might or might not do. I am going to stay out until after the dust has settled and hopefully the market will give us some strong early indicators on what the big levels are.

The first level to watch topside will be 112.50, where corporate offers are reported, and 110.40/70 is the support band to watch on the downside.

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