"The risk aversion we're seeing is leading investors to reduce carry trades. The yen is benefiting on the crosses."
"Japanese retail investors are selling the yen across the board amid the currency's rally."
Last Friday, I mentioned that we could see more downside in the JPY crosses. Since then, I adhered to my stance and it had rewarded me with +83 pips on the short AUS/JPY position. There were just too many short opportunities around but I could not keep up with the fast selling action. This morning, I missed some good entry points in EUR/JPY and CHF/JPY. Although I am out of position, I feel like I am "in control" and able to "understand" the market.
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