USD/JPY targeting sub 98.00 stops?

FXstreet.com (Barcelona) - USD/JPY is breaking lower ahead of the Tokyo open, with price currently overcoming the downbeat US durable goods-induced lows at 98.25. According to bank sources, reports of cta stops at 98.10 down thru 97.90 at present.

According to Sean Lee, Founder at FXWW: "USD/JPY is still in sideways mode overall but risk-reward favours the bears at current levels. The market may have gotten a bit too aggressive above 99.00 last week and I would not be at all surprised to see trailing stops triggered below 98.00 in coming sessions." Only a clean break above 99.20 improve the bullish picture, Lee believes.