We favor a long position above 1.0530 "demand area" targeting the next major supply between 1.1500 and 1.1650 area. This is a long term position targeting almost 1000 pips. Small position size is recommended since we are targeting a 1000 pips or so. This way you have margin available for short term trades. I am long USDJPY, EURJPY and GBPJPY with small positions. EXPECT A BIG retracement rally as a correction for the main down monthly trend. Good luck guys