Thankfully the situation in Turkey has quietened for now and the risk-off sentiment from late Friday has been reversed. It would be nice to trade the FX market purely on economic factors for the next few decades!
Overall I’m still a USD/JPY bear and I see the current move off 100 as a consolidation rather than a reversal. The MoF can try to talk the Yen down but ultimately there is very little relative to their Central Bank counterparts that they can do to influence the JPY on a longer-term basis.
I’m expecting some 104/106 sideways trading in USD/JPY over the next few sessions and I am trading this with a moderately mild bearish bias.
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