USD/JPY Daily: At a critical juncture?

Is the bottom in place for USD/JPY?  Testing key downtrend line resistance and swing resistance in what so far has been a minor three wave move from the 107.61 low.  News flow suggesting Bank of Japan going to negative rates on loans as the driver.  On the radar screen again...

Interested there are a lot of yen bulls expecting the yen to continue to appreciate, as measured by the CFTC Commitment of Traders report on CME open interest, dated 4/12/16:  

Bullish Open Interest:  100,120 = 75%
Bearish Open Interest: 33,930 = 25%

Plenty of power to drive the yen lower, i.e. USD/JPY higher, on a sentiment swing here...

Jack Crooks

Black Swan Capital LLC

www.blackswantrading.com 

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