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USDJPY Storms Higher As "120 Tractor Beam" Reactivated
Just as we noted last night, when IBM's dismal earnings were unleashed upon a frantic market, there was only one thing that could save stocks.. USDJPY 120!!
But it seems the "juice" has run out...
Who could have seen that coming?
IBM's result were so bad, 120 is in play
— zerohedge (@zerohedge) October 19, 2015
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You guys are good
AUDJPY was tattling on USDJPY.
Well, in fairness, Pisani saw your tweet and thought the "120" was a reference to the permanent floor he always felt was appropriate for the Spider PE.
She's dead Jim. 420 on the 330PM surge coming up!
Could some kind person recapitulate why this correlation exists?
FYI, and for what it is worth, most professional and institutional traders are like high-school graduates; no kidding. In order to trade the markets they need a leader -guidepost-so they use one of the FX curriencies versus the dollar. At different times it is a different foreign currency. Want to check it out; using one minute charts on your screen, watch the J6 future versus the ES future. Lock step. Why? Like I said they are not "bright" enough to do their own thinking. Of course the news drives the currencies; and the YEN -J6- is the most frantic = most action = best for in-out manuvers = very profitable all day long= and easily moved by the big guys with the deep pockets who can afford to push the FX market around. Got it?
Thanks - very kind. Now I know why I'm keeping out of the monkey house...
Aso “
The Bank of Japan may not ease policy further any time soon,” Taro Aso said in an interview with public broadcaster NHK, adding that the government is not considering a supplementary budget this fiscal year.
100 USDJPY isn't a wet bear dream,but reality in the foreseeable future