USD/JPY looks like it is trying to form a base at the 77 level, as it has printed 3 hammers in a row now. Because of this, we are interested in going long, but only for about 150 pips as we see the 80 level as being massively resistive. With the Bank of Japan sitting underneath, we feel that this is the closest thing to a "safe trade" as you are going to get in the FX markets.
USD/TRY isn't a pair we talk about very often, but this pair is a great symbol of what is going on in the emerging economies - devastation. The currencies for most emerging markets look the same as the Turkish Lira, weak. This signifies just how strong the USD is right now - something you should keep in mind when you are trading.
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