Japanese Yen - the short trade looks done

Several weeks ago, we alerted subscribers to the potential for a short trade in the yen. Those who took advantage of it should now be looking to take profits or otherwise manage their trade. For now, the short trade looks overdone. From here, we would watch for a pause or a bounce. Note that the dominant cycle on the weekly timeframe is currently near a low, suggesting at least the need for things to reset if price is to explore lower areas later.