Today is a preamble to a week that features a swath of top-tier data but one thing stands out — the declines in yen crosses, especially USD/JPY. Last week, USD/JPY was the worst performer and under normal conditions, you might see a bounce on a day like today. But USD/JPY isn’t normal. Why? Because speculators are heavily long the pair.
Unless the news and Fed unambiguously point to tapering, there is growing risk of a squeeze lower. This doesn’t look like a chart you want to fight, at least not until close to 95.00.
That said, the theme this week will be going with the data. The market is uncertain and the news will decide where it goes.
Read more: http://www.forexlive.com/blog/2013/07/29/why-its-so-risky-to-be-long-usdjpy-at-the-moment/
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