In these types of generally range-bound markets, traders are desperate to find a trend and so when the Yen started to weaken some weeks ago, many traders started to jump on board. There have been signs over the last week that the rally was running out of steam and now we are seeing a more serious bout of profit taking. Friday’s in Asia usually mean more position reduction so I’d expect this short-term trend to continue.
Good luck today and TGIF.
