Yen Crosses : Top of Range

• As feared last week, Yen Crosses charts all showing signs that recent highs = top of trading range
• Risk Off

Yen Crosses : False Breaks Everywhere

• Latest weekly black candles say it all (3 more trading sessions till end the week though)
• General sense - mostly range trading everywhere so trend traders should take a rest and recharge for next battle?
  

Yen Crosses : Still Near Old UTLs

• Still hovering around the old broken up TLs in spite of recent strong Risk Appetite (equity rallies) = Stiff resistance here. Expected all JPY crosses to be much higher by now.
  
• Hedge long Risk FX/short USD by short USD/long JPY ie Net Position = long Risk FX, long JPY, short 2*USD
• Lower USD remains favorite play here
• For Risk FX, preferred vehicle is CAD.
  

Yen Crosses : Undecided

• Story here turned into 1 of uncertainty, crossroads.
• Uptrend lines broken but failed to follow thru and now all pulled back to TLs
  
• Market split between risk aversion/risk taking.
• Technically not clear. Poor odds either way.
• If forced to choose, would assume pullback to TLs is for selling into. Otherwise, stand clear, for now.
• The weak USD trade (see previous post) looks good. Probably best not to link it to the above (risk appetite) though to avoid mental blockage. Keep it purely technical.
  

Yen Crosses : Green Shoots No More?

Uptrend lines have all been cut already. Bold purple support lines being breached in CAD/JPY and EUR/JPY. AUD/JPY and GBP/JPY can't be far behind.