Steve Lucas from 3c Analysis is looking at USDJPY, a long term trade that Steve has had on his mind for quite some time. The market has been posting low weekly highs and is trading below the weekly bear-trend as well as below the 100-200 day moving average. Steve believes that the dominating sentiment is selling rallies. 

This trade is very similar to a trade Steve made last week and his trading pattern is shown in the chart below. Steve is looking for a sell off today or tomorrow, depending on when this week’s gains fail. At the moment the market is trading close to this year’s lows.