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Profit taking and trailing stops in Yen crosses - FXWW

FXStreet (Bali) - Sean Lee, Founder at FXWW, notes that some hefty profit taking has taken place in Yen crosses, following the over-stretched runs seen in recent weeks.

Key Quotes

"The professional market has been short JPY across the board and we saw some hefty profit taking emerge yesterday after the over-stretch to take out 110.00 USD/JPY barriers couldn’t be maintained. Other pairs like GBP/JPY broke out of holding patterns and triggered heavy trailing stops."

"In the shorter-term, I prefer selling any 50/60 pip rallies in USD/JPY as I expect that we may get some 108/110 consolidation for a few days."

"If you’re looking for a bit more volatility, then GBP/JPY looks like it might offer the bears some decent opportunities."

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