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BK USD/JPY Big Trade 01.14.2016 – Canceled
**New Big Trade Order for USD/JPY
Place Order to Sell USD/JPY at 118.50
**We are going to manage the exit dynamically but if you are away & want to lay out a take profit use +75
U.S. retail sales are scheduled for release tomorrow and weak wage growth is a big problem. We know that lower oil prices will drag down the headline number and according to Johnson Redbook, spending over the holidays was also weak. The latest CFTC report from the shortened Jan 5 trading week also showed speculators turning net long yen (which means short USD/JPY) for the first time in 3 years. Position adjustment such as these are typically consistent with major turns in the currency. We anticipate renewed weakness in USD/JPY on the back of the spending numbers and in this market environment even if spending is strong it won’t be enough for investors to get excited about a rate hike.