I don’t usually do this – but as it stands I feel it’s worth noting that the Yen is in serious trouble here
The selling pressure appears to be significant which would again add credence to the idea that “risk” is on the verge of bursting higher.
From what I get of U.S media – it also appears that the “get in while you still can” propaganda is in full effect as stocks break higher and higher.
Should the USD FINALLY ROLL OVER HERE – we would see the usual correlation of “safe havens” being sold and risk currencies being bought. As well stocks moving higher.
My current strategy in many pairs “short JPY” is holding existing positions – and adding buy orders in AUD, CAD, NZD, EUR, GBP as well USD and CHF well ABOVE the current price level. I repeat WELL ABOVE THE CURRENT PRICE LEVELS.
Should risk on continue and the JPY take the substantial hit I envision – my orders will be picked up IN THE DIRECTION OF MOMENTUM. If not, then the market is free to go against me – as I will not be involved with price action in the “opposite direction”. You see how this works? – Let the market come to you!