USD strength continued yesterday especially against JPY. Our positioning is currently less than 1/3 of max. We hold on to our long USD position vs JPY which is our biggest position (75%) and vs EUR.
{EU} EURUSD Lower => We continue to like the pair lower. Key levels for the session: Support comes in at 1.0865 then 1.0840/50 and Resistance at 1.0975 and then 1.1050.
{JN} USDJPY Higher => We like the pair higher with support at 123.25 and the 2007 highs (124.14) remains the short term target.
{GB} GBPUSD Neutral => We remain neutral on cable for now and continue to think there are better value USD longs to be held elsewhere. Levels on cable: Support should surface towards 1.5350/60 – resistance 1.5440/50.
Citi: USDJPY had another run higher this morning, taking out the 2007 high of 124.15 to make a fresh high of 124.30. Near term support stands at 123.30-40. USDJPY does not appear to be oversubscribed but we do feel market will be looking to quickly book profits given how disappointing the trade the pair has been so far this year…