We have been looking at CROSS JPY this afternoon and the signs are that there could be more pain to come.

CADJPY DAILY CHART: The structure is still valid, this looks to have more DOWNSIDE.

NZDJPY DAILY CHART: Impulsive waves usually go lower harder, this looks like vulnerable support.

Today’s price action was a wild ride, this does not mean RISK is not going to continue to sell off for a few more days.

We are looking at scenarios where we can see another wave of selling. The best strategy is to remain nimble and take the PL when it’s there.

RISK still remains fragile, we need to see a BOTTOM FORM before we commit capital to a LONGER TERM RISK POSITION.