-
Yen Hits Century Mark the Old-Fashioned Way
The dollar’s striking break above Y100 versus the yen did not happen as might have been expected. It was not triggered by some government official’s statement, which many thought would be the impetus to propel the dollar higher. It was done in the old-fashioned way: by a clever trader with an order large enough to catch a market somewhat off-guard. Shortly before 1:00 pm on what was a relatively quiet Thursday afternoon this trader began aggressively buying dollars against the yen. We don’t know who this person was at this time, but we can glean from the charts his or her M.O. In a seesaw-like fashion, the ... (full story)