OldSchoolFX replies to: USD/JPY Discussion

Seems like everyone has a bearish take on U/J. Hard to disagree…

However some large fund flows are clearly and relentlessly pushing U/J higher in an ascending range. Most likely action for the remainder of the day seems to be a continuous and volatile churn higher burning all the short stops out of the market. I wouldn’t be surprised to see 110.7XX or higher today as we approach the higher TF bearish trendline.

Tomorrow is the last day of the month. IF there is going be a decent drop it will be tomorrow, not today. Clearing the short stops on the way up while protecting the buy stops (dry kindling). I was shocked (/sarc) to see the buying in U/J rescue US equities right around 30 minutes before opening bell.

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