I’ve been approaching USD/JPY with a swing trading mentality and a mild bearish bias, and whilst I’m still happy to trade the swings I’m not so sure about the bias anymore. There are a lot of (virtually every!) professional traders and analysts who are convinced that we are headed much higher and I guess I should stop being so stubborn and respect their opinion!
Regardless, any rallies towards 119.50 are excellent short-term selling opportunities in my view.
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