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The dollar buying continues with no significant pullbacks to join the happy party. This is especially evident in USD/JPY which went from 111.60 all the way to 114.55 without any stops and there were only very meaningless pullbacks not exciding 40 pips. How do you join the dollar long happy party in such environment? I would love to buy the pair at 113.20 but for now there is no signs it might travel there. Perhaps today before Yellen's speech event we'll see some retrace on profit taking. In the…
JonSnow's Blog
USD/JPY Targets 111.60 & 109.00
USD/JPY charts(in all time frames) look really bearish and the pair is clearly being drawn like a magnet to its 111.60 level which is the last line of defense. If that goes we might see 109 or even lower in the coming weeks. President's address speech in Congress might help the dollar to bounce or sink it - it all depends if markets want to rally on promises one more time. If there is more substance in president's speech perhaps the deteriorating sentiment will improve.
I would love to short th…
I would love to short th…
What Goes Up Must Come Down
I don't understand what's behind this rapid dollar fall against the Japanese yen. I know the pair is generally tracking treasury yields which keep falling but why? By now, USD/JPY has made a round trip, closing below 113. And when we do get a correction in US equity markets(and it's not if, but when) how low it's going to go, sub 111.00? 109.00 ? This negative USD/JPY position is teaching me to be humble and have more respect for market forces.
On the other note I managed to stay in top 10 the …
On the other note I managed to stay in top 10 the …
Have I Missed Yen Sell-Off Train?
To my surprise USD/JPY reached levels above 114 during the Asian session. I did think that we might see some gaps with new week market opening and I did expect US dollar to be a bit higher but I did not think it could go that far so fast.
I managed to get on-board of "the train" as the pair corrected down to 113.45 and my target is 115.50. But my plan was to also go long with EUR/JPY and GBP/JPY - at the moment they seem too high. Perhaps they will correct lower later during London session when…
I managed to get on-board of "the train" as the pair corrected down to 113.45 and my target is 115.50. But my plan was to also go long with EUR/JPY and GBP/JPY - at the moment they seem too high. Perhaps they will correct lower later during London session when…
Next Week Trade Ideas
Listed below ideas assume that US dollar will rise modestly before Yellen's Congressional testimony on Tuesday & Wednesday. Ideally, I would like to buy the dollar lower when other currencies rise a little on Monday and have these trades a bit ahead in the green when before Yellen speaks. If she sound dovish all the trades should just brake even, but I'm hoping to hear some clues that markets will take as a signal for March rate hike. If so, buying US dollar should be quite profitable next week.…
Open Trades
As of this morning I have the following trades opened:
Short EUR/USD opened at 1.0700 targeting 1.0620- 1.0580 levels. Many say that this pair is going nowhere and I do agree to some extent but it really should move closer to 1.06 before going up again.
Long USD/JPY - targeting 112.90 - 113.40 area. I keep hearing that the pair is going down to 111.00 or even 109.00 but at the moment the sentiment is overshadowed by the high profile meeting that will take place tomorrow in Washington. This has…
Short EUR/USD opened at 1.0700 targeting 1.0620- 1.0580 levels. Many say that this pair is going nowhere and I do agree to some extent but it really should move closer to 1.06 before going up again.
Long USD/JPY - targeting 112.90 - 113.40 area. I keep hearing that the pair is going down to 111.00 or even 109.00 but at the moment the sentiment is overshadowed by the high profile meeting that will take place tomorrow in Washington. This has…
Risk Aversion The Name of The Game.
Market sentiment has deteriorated during the Asian session and worsened at London opening. Once again the Japanese Yen is emerging as the winners along with US dollar which made gains against all other currencies except Yen. For euro and the British Pound it's surfacing new worries about the future of EU and its common currency as the political climate is becoming edgy and unclear once again. The antipodean currencies behaved relatively well considering sudden dollar & yen rise, but not without …