Hi, as you may know there has been intervention in JPY as the USD/JPY was waterfalling off into oblivion. Apparently a good trade here is to wait for the rally and then take the other side so I'm wondering if anyone here is waiting to take a position and at what level?
How high is it likely to go? My chart shows already that it may be resisting on the 80 moving day average on daily chart which has held since end of April. Could it go up to 200 mda @ ~81.50?
I'd really welcome some experienced thoughts on this trade.
Thank you for any input.