Why won’t USD/JPY rally? That’s the question a lot of traders are asking themselves and I’m hoping someone will be able to give me a satisfactory answer. A market that keeps running out of bullish momentum 100 pips off short-term lows and close to historical lows is certainly not a bullish market. The BOJ may try and intervene but they can forget about getting any help from the ECB, Fed etc this time around. I’ve been trying to sell the Yen on the crosses but that is also exceedingly hard work. It seems to me that the vast majority of traders are of a similar view, either bullish USD/JPY or bullish on the crosses, so who is selling and why?
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