I'm new to trading the Yen. Without resorting to going through a lot of data, can someone comment about the frequency with which there's such rapid strengthing as there was today. It went from 90/USD to near 87/USD in just over one hour.
see this thread: http://www.elitetrader.com/vb/showthread.php?s=&threadid=151359 I would say that this explosive rally isn't very frequent... Although JPY has some nice intraday trends!
OK. It was about the time that Congress was grilling Geithner about the trillions needed to bail out the banks and the market was falling. Thought this was the root cause. In any case, I turned my head away from my account value and hung in there. Got out about an hour ago and earned plenty (and also left plenty on the table given the rebound).
No. There were $7 Billion in strikes that rolled off at 10AM. This is a massive amount - not typical. Once they rolled off, everyone who had bought to keep it up there during the last 24 hours of equity sell offs suddenly reversed. Model funds kicked in and we saw it drop like a stone.