A Fresh USDJPY Update from the Savvy Trader

The following is a fresh USDJPY update from a long time, highly respected Global-View member who I nicknamed the Savvy Trader after he called the top at USDJPY at 160-162 well in advance. Since then, he has been kind enough to share his latest view on USDJPY in a series of emails, which we have posted in our blog.

A fresh USDJPY update from the Savvy Trader.

So, I believe people are looking at the low from Christmas last year of roughly 140.20-25 but the reality is that they should be looking at the low from the first week of January this year, which was at or around 143.45. We have been spending the last three weeks consistently below that level

Source; The Amazing Trader

So, the market is effectively looking at the wrong levels.

And we’re about to take out the low from December of last year. Once that happens it should be a fairly fast move down to the nearby levels. I mentioned in a prior email, 139 handle and then eventually there is the 133 handle and possibly 128 There is a possibility of total panic of an absolute crash, which could take us down to 122 123.

Once again, you can see how there is a reluctance to just let the bid disappear. In other words, people are averaging and my guess is that the average of the vast majority both professional and retail is somewhere around 154 to 155. And even if I’m wrong about that, it’s clearly above 151.

So, taking that 10 figure loss, where is it that we get the scenario of a panic move from which we could then actually suggest a bottom has occurred and I’ve just outlined that potential in this email.

Note, the view expressed above is that of a Global-View member and is for information only..

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