JPY

Yes, I was mistaken on CNBC on Monday when I said the BoJ will NOT dare intervene, meaning they will not be successful in driving USDJPY much above 80. But what is important is that after we issued shorts in USDJPY for the past 4 weeks, we came out on Monday and called for USDJPY longs targeting short term bounce to 79-80 from 76.

WEDNESDAY's USDJPY TRADES (updated Thursday morning)

USDJPY (Updating the longs after hitting all targets in THURSDAY ASIA-updated on Thursday 2:00 GMT)
Long USDJPY between 78.00-78.40, for limit between 78.80-79.50, stop 77.75.
Mondays long USDJPY between 77.10-77.50, for limit between 77.70-78.20, stop 76.70 hit all targets

MONDAY's USDJPY TRADE

USDJPY (1 New Trade)
Long USDJPY between 77.10-77.50, for limit between 77.70-78.30, stop at 76.70.
Friday's short USDJPY between 77.10-77.60, for limit between 76.40-76.80, stop at 78.10 all limits.
We remain bearish USDJPY, but for now we see short-term rebound to possibly as high as 80.50s.

FRIDAY's USDJPY TRADE

USDJPY (New)
Short USDJPY between 77.10-77.60, for limit between 76.40-76.80, stop at 78.10.
Tuesdays short USDJPY between 78.20-78.60 for limit between 77.50-77.90, stop at 79.10 hit all limits.


Ashraf