Now it's trading at the upper resistance, and even though it still looks bullish, I think it's better to cash out because of the following reason:
1) The Japanese Yen has been denominated to a huge extent, and if a reversal happens, it happens drastically.
2) inflation in Japan is happening. I am skeptical if they could remain this dovish
3) It has been skyrocketing largely due to foreign funds flowing into NIKKEI 225. If the stock market stops climbing(not even crashing, just stops climbing), a lot of funds would definitely close their USDJPY and it is possible this collapse.
I am not saying to short at this moment, but it is better not long USDJPY too much or stop longing.
1) The Japanese Yen has been denominated to a huge extent, and if a reversal happens, it happens drastically.
2) inflation in Japan is happening. I am skeptical if they could remain this dovish
3) It has been skyrocketing largely due to foreign funds flowing into NIKKEI 225. If the stock market stops climbing(not even crashing, just stops climbing), a lot of funds would definitely close their USDJPY and it is possible this collapse.
I am not saying to short at this moment, but it is better not long USDJPY too much or stop longing.
