Yesterday's note is valid - "USDJPY has traded into support early in the week and I'm using the opportunity to get long against 97.75. To review, the 'no taper' selloff resulted in a test of the topside of the line that extends off of the May and July highs. Price has retraced slightly more than half of the advance from 97.75. The 61.8% is at 98.48 (in line with the 9/6 and 9/16 lows). This is a breakout trade and the stop will be trailed as market action dictates. There also may be opportunities in the USDMXN, USDCAD, and USDZAR this week. See Friday's FX Technical Weekly for more."
New development - GBPUSD is below the pre-Fed level of 1.5969. A drop into 1.5885 followed by a weak bounce is what I am looking for in order to initiate a short position. Stay tuned.
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