USDJPY finally pays off. Recall we turned negative on the pair on Dec 11 when it appeared its breakout had run out of steam [see: PPI tops 3%]:
For those playing the USDJPY, this is a good entry for a short position with tight stops. The initial target is the SMA200, currently at 111.64, followed by the .618 at 110.14 and channel bottom currently around 109.
A second spike ten days later tested our resolve but, in the end, merely offered another nice entry point for a great short [see: VIX – New Lows.]
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