I take it you have read this from Thomson: "17: A US investment bank has been cracking bids this afternoon and it seems there is little hope that USD/JPY will ignore the broad Dollar weakness of recent sessions. Japanese exporters have been coming to the market with hedging flows over the last 24 hours and they seem to have acknowledged the fact of a stronger currency in the weeks to come. Option barriers at 103.50 are still in focus, but the expectations of them faring better than the ones at 104.00 and 105.00 are low. Increasing talk of Chinese revaluation at the weekend G20 meetings is making the rounds, but we still think that view is wishful thinking. The session low in USD/JPY, at 103.81, should not hold for long as the downward pressure is increasing and not easing. There are growing calls for a test of 100.00, and many remark that USD/JPY is some 30% above the all-time lows, so further weakness should be allowed if the speed of the drop is contained. "
Yes, and the last few weeks of 103.50-talk. Anyone fed up with â¬$ stickiness should look at today's USDJPY chart.
Marketwatch quoted me totally out of context today, so I am going to link to my dailfyfx piece on yahoo because I think what's really hapenning with the USD has lot more to do with Iraq/Vietnam than most traders realize. Anyway food for thought . http://biz.yahoo.com/fxcm/041117/1100690694_08894_1.html
Here we go again on the 6J. A nice dip from around 104, scary though. Nice summarization of how the simplistic markets will put pressure on positions with further consolidation, media talk, in that article, jbt.
So thomson / media is thinking that we will go from 103.xxx down to perhaps even 100 sometime in the near future? Isn't that a little drastic?
Y Any $ longs now are pure scalps/dead cat bounces - you handle them like a hot potato move them off inventory as soon as you can.
Scalping is what I do best. It makes trading the futures so much more likeable and enjoyable over spot.
or cross rates ? for example ... look at the yen and the suisse today ! wow ... really strong ... note ... I just made a 3 ticks fading a spike on a scalp in suisse
I think there are a lot of related issues like the USDJPY slide and the effect on breaching 1.3010 on EURUSD - so it's always possible to "get into the thread topic" with covering several pairs. Just like now when there are similar market conditions on USDJPY futures to how EURUSD futures was a few months ago.