Now that BoJ has decided to implement NIR like ECB, this ensures it's now safe to short the yen. So another long term play is selling yens until BoJ comes out with another bazooka to change this devaluation stance.

Best play will be long USDJPY as yen funds rush into USD.

Btw this BoJ move is a nasty curveball for chingland. Another round of yuan devaluation is now very likely.

If the fed hikes rates in March the bottom will definitely be blown into pieces as the USD strength rips the markets apart!

But this strong USD will also be a problem for US. An epic bubble will form as it sucks in capital from everywhere. That bubble pop will definitely shake the global economy. A new reserve currency will emerge then during that chaotic pop.

The scenario for USDJPY. Pips to be made here during wave c up (>300 pips) and then the BIG one wave (iii) down (approx. 1500 pips).

I use Elliott Waves always to analyse the market. However, this is a GREAT confirming signal of the bearish view I hold for USDJPY.



Weekly chart. That trend line break is very important! Expect no rallies any time soon in the pair (fundamentals or not) till we get down to 105.

Rumours of BOJ intervention sees USDJPY rally to 113 in 5 minutes then back down to 112 in a minute.....really hope no one short was stopped out.

The weekly chart of UJ is just nasty.....safe haven flows despite -ve interest rates are giving Kuroda sleepless nights me thinks. His ammunition now including Verbal intervention smdh

Still dont see how it will work if global equities continue to sell off. @Mnandii def agree that a break will open up the 105 level.