Currently: Cash Looking to: Short @ 104.579
As of 1/8/21 close: 103.952
LAST WEEK: We suggested shorting USDJPY at last weeks levels with stops honored on a close above 103.4 and with a target for covering and getting long at 101.309.
UPDATE: The USDJPY surprised us with a sharp 5-wave rally in the short-term stopping out shorts in the process. It still appears to us like the cross has more downside work to do, though. We would look to short any continued bounce to 104.579 with stops honored on a close above 104.763 and with a target for covering at 101.596.