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Published on Nov 24, 2016
The
USD/JPY pair broke higher again on Thursday and illiquid trading as we
are now above the 113 handle. At this point, I’m a bit leery of trying
to go long of this pair, and I recognize that we are overextended by
just about any metric you measure it by. Having said that, I certainly
wouldn’t short this market even though I anticipate that eventually we
will get a pull back, but I think that’s only can offer support and
value in a market that has been taking off to the upside for some time.
With this, this is a bit of a “one-way trade”, and with that I think
you’re going to have to be patient to take advantage of this bullish
move. That is unless of course you are already long of this market, and
if you are then there is no reason to get out.
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