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#SaxoStrats: Shorting USDJPY

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June 09, 2015 #saxo strats, #saxostrats, dollar, dollar federal reserve, dollar index, dollar outlook, dollar trading, dollar weak, dollar weaknes, dollar weakness, dollar yen, dollars, dollaryen, eur, euro, euro area, euro dollar, euro zone, eurodollar, european, european central bank, european economy, eurusd, foreign exchange, forex, forex buying, forex idea, forex market, forex market overview, forex markets, forex saxo bank, forex trade idea, forex trading, forextrading, fx, fx crosses, fx forex, fx investing, fx market, fx markets, fx options, fx saxo bank, fx spot, fx strategy, fx trade, fx trade idea, fx traders, fx trades, fx trading, fx volatility, fxmarkets, jobs, jobs data, jobs growth, jobs market, jobs rate, non farm, non farm payrolls, non farms, non-farm payrolls, non-farms, nonfarm, nonfarm payroll data, nonfarm payrolls, nonfarmpayroll, nonfarmpayrolls, nonfarms, saxo bank, saxo tv, trading, tradingfloor, tradingfloor.com, us dollar, us dollar index, us dollar index bearish bais, usd, usd index, usd jpy, usd weakness, usdjpy, usdjpy currency
The US may have added a decent number of new jobs in May, as reported last Friday, but this week the Dollar is weak against both the Euro and the Japanese Yen. Saxo's John Hardy believes the driver is weak risk appetite.

Hardy admits he's a longer-term USD bull, but in this video he offers a #SaxoStrat on how to trade the situation, believing USDJPY may correct lower still. 

This is John's suggestion:
Entry: Selling USDJPY, 124.40-80. 
Stop: 125.17.
Targets: 123.22, 122.60.
Time horizon: 2-3 days.

You can read more about this #SaxoStrat here.