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Will be worth keeping an eye on if it breaks the 92 mark.
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Iz no fitting
Ohhh, I see it now. The "92" you're referring to is off the right side of the screen. Looks like the image is passing under the right bar and going off into nowhere. Some of us are stuck at 1280 wide resolution monitors at work :).
Clickable thumbnail please!
Sorry about that, attached to the post. Also, the break would probably be higher than 92 but I eyeballed it a little light.
"Some of us are stuck at 1280 wide..."
Lucky bastard, I'm at 1024 biz laptop.
If its not fitting try right clicking and then select "view image".
Same here, but
Right click -> View Image
FF 3.0
Cornelius....check out EUR/JPY as well...could catch on the USD/JPY ...so what happened last time....tankage, tankage, tankage, (carry trade from rerisking will unwind in an ugly way once again)
Yup, I'm watching both... I'll keep my thoughts to myself for now but there's some good stuff coming up in the next few weeks.
DD
Forex reported this morning that a US Bank "bought a load of EUR/JPY." Was later in the morning.
Poised to break down? Taking the opposite of that abandoned baby.
good i need the money
Never met someone whos money I aquired thru forex before. Im brian, nice to meet you. =)
Kidding, but yea im with the jpy on this one.
Oh btw, Thanks for the cash.
Too many people are trying to be "contrarian" thinking USD will blast upwards anytime now. Unfortunately, they have become too numerous and are by definition not contrarian anymore. I'm not sure why a major panic out of the dollar and consequently the overnight pauperization of America is such an unthinkable/impossible scenario.
Foreign financials still have yet to pay back those trillions lent to them by the FR. Shouldn't take much to get them stampeding back in. Especially with so many divergences abound.
i'm tired of head-fakes in this market. after seeing a 7% rise in equities in this market in one week, it's just exhausting.
Who believes in head and shoulders anyway?
Short dollar / long yen is historically a de-risk trade. The stocks don't confirm this trade as they are sitting at multi-month highs.
Possible explanations:
1. The stock market is just plain wrong (preferred).
2. USD/JPY is lagging (severely) and will rally in catch-up.
3. The correlations have changed and USD/JPY is going down regardless of economic risk perceptions. This is intriguing as it implies dollar debasement rather than economic conditions becomes the focus of risk aversion. Can everything else really be hunky-dory if the world's reserve currency is in the cross-hairs? I guess appearances can be maintained for a while but it is surely a fragile illusion.
I'm bullish on #3, though not necessarily on the dollar debasement specifically.
I agree. I'm bullish yens over the dollar and everything else too. Small pullbacks in equities are making big waves in XXXJPY's right now. And lets face it, the pullbacks have been very small.
Lots of Russian money trading in GBPJPY and USDJPY and buying EURUSD this morning.
Have you guys been looking at the CAD/USD lately? From 85 to 91 cents in the last few weeks. Think maybe some folks figure Canada's going to be more stable politically and economically?
the correlation is irrelevant when there is little to no interest rate differential. this only worked when US wasnt a ZIRP country.
the stock market is wrong..goldman cant control the usd/jpy like it can gun the s&p.....usd/jpy to 80 within 6 months and it will suck the s&p into a black hole along with it
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Cornelius,
The action in other Yen crosses, namely GBP/JPY is quite interesting as well, especially since Friday last week.
It really picked up steam when Benny was on the hill yesterday.
I see the same pattern occuring at 94 and failing to follow through?
The BoJ will intervene rather aggressively to sell JPY in the low 90's in my view. Since the rate differential in $/JPY is so low I actually do not think it has potential to collapse, AUD/ JPY and EUR/JPY are the more appropriate crosses to watch. 2 weeks ago AUD/JPY moved 4% when S&P was testing 965... when all this cyclical growth, green shoot crap is out of peoples minds these crosses will get puked ....again
Something just absolutely slammed the Yen down at the top of this hour. Looking for news, or some economic report I missed - but can't find a thing.
A 60 pip move? We're looking for something bigger here... FX is the worst market to play tight stops.
It was Jpy Trade Balance numbers that caused the move last night. Forecast 0.5T and came in below at 0.44T
Its a bump, 94.40 should hold as resistance and I agree about lower and don't use tight stops.
Can be bumpy on the way down as JPY banks have to rebalance for Foreign bond issuances like Toshin and Uridashi.
Not to be picky, but those trade balance numbers (and bonds/stocks net buying #s) came out two hours before the bump.
Agreed that this is not a big move, but you generally don't see an almost 50 bps move in 20 minutes on the USD/JPY with no events, and it not being a reversal of a big move just before. This was on top of a daily move up, and was followed by a further nightly move up.
Thought it might be either stops above 93.80, or some HK bank trade (since I think it corresponded with their opening).
i meant 865