USD JPY.

with today's trade complete, the question now becomes: How high can USD JPY go? The fundamentals certainly back up a continued run higher.

A look at the weekly chart shows the close of a swing at 151.50 as the next serious resistance. And I think whilst any 15min up swings hold, the chart is playable long as a 'catalyst' from today's CPI data. Or any deeper pullbacks which create 1hr swings can be played as a standard 'interest rate differential' trade.

The risk to any short JPY trades would be any verbal intervention talk from the BOJ if the board are uncomfortable with the price above 150.

On a personal note, I'm being willingly(ish) dragged to see the musical 'six' tonight. So the next time I look at the charts will be tomorrow morning. Where a 'hot CPI' print could keep the GBP on the potential 'to long' list.

Feel free to email any questions: johnelfedforexblog@gmail.com