What is with the JPY Spike? | Forex Factory

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What is with the JPY Spike?

  • #1
  • First Post: Jan 24, 2007 1:22am Jan 24, 2007 1:22am
Does anyone know if the BOJ intervened? I can't see any fundamental reason (news event) that would have caused the Yen to rally like that.

Any and all explanations are welcome!

Mike
Therefore what??
  • #2
  • Jan 24, 2007 1:33am Jan 24, 2007 1:33am
Now I looked at USDJPY chart.
Position adjustment, taking profits, I thought.
Peace and Happiness through Prosperity (by Konosuke Matsushita)
  • #3
  • Jan 24, 2007 1:49am Jan 24, 2007 1:49am
Hi

I thinks USD/JPY is basically lower due to some heavy AUD/USD, AUD/JPY selling - on the back of the weak AUD CPI figure.

Cheers
  • #4
  • Jan 24, 2007 1:57am Jan 24, 2007 1:57am
GBPJPY had dropped 200 pips during the Tokyo session. EUJPY over 100. I see no news release scheduled for last night.

Very strange indeed...
  • #5
  • Jan 24, 2007 1:59am Jan 24, 2007 1:59am
maybe the big boys aggressively neutralising stops to take more carry for themselves.
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  • #6
  • Jan 24, 2007 2:19am Jan 24, 2007 2:19am
There is also a rumor of central bank liquidation of dollars and well getting into just about anything....But then again that's what makes this so much fun, all speculation, inuendo and probabilities....that and who has the stronger nerves.
Therefore what??
  • #7
  • Jan 24, 2007 2:25am Jan 24, 2007 2:25am
How much longer till we can get back into the sweet interest of gbp/jpy?
  • #8
  • Jan 24, 2007 2:27am Jan 24, 2007 2:27am
Quoting permanentjaun
How much longer till we can get back into the sweet interest of gbp/jpy?
I'll bet we have to wait for the cable to settle down vs the $US. Also if I remember my fundamentals correctly the BOJ is going to have a policy meeting in the next few weeks so once all of the central banker news is out of the way we can start moving in the positive carry direction......I'm hoping.
Therefore what??
  • #9
  • Jan 24, 2007 2:31am Jan 24, 2007 2:31am
You're obviously a fundamental guy. Do you have any opinion on gbp/jpy hitting resistance that formed in 1998? That's the last time it was at these levels. Very similar to eur/jpy, chf/jpy, aud/jpy, and a trendline on usd/jpy. Question that needs to be asked if the conditions in 98' are similar to where it's at now. Which can be answered with fundamentals.
  • #10
  • Jan 24, 2007 2:39am Jan 24, 2007 2:39am
The yen has had strong rebound across the board, probably from the submission of carry trades.

Big day for for the Cable today. data wise

Euro/ JPY is also coming off its altime high of last night.
  • #11
  • Jan 24, 2007 2:41am Jan 24, 2007 2:41am
Quoting permanentjaun
You're obviously a fundamental guy. Do you have any opinion on gbp/jpy hitting resistance that formed in 1998? That's the last time it was at these levels. Very similar to eur/jpy, chf/jpy, aud/jpy, and a trendline on usd/jpy. Question that needs to be asked if the conditions in 98' are similar to where it's at now. Which can be answered with fundamentals.
I'm trying to be more of a fundamental guy, meaning trying to incorporate when large news events are so I can keep more of my profits on my longer term trades.

It's funny you should mention the resistance levels in 1998 on the gbp/jpy. I've been looking at those for a while and decided based on that to lighten up on my gbp/jpy trade I've had on for a week or so now. My bias is still to the upside on cable, against the $US I'm looking for it to hit 2.00 (like everyone else in the world), but I'm looking for a retracement to the 232-ish level on the gbp/jpy to catch another leg up.

Therefore what....I personally am going (longer term trades), going to fade any cable rallies against the yen.
Therefore what??
  • #12
  • Jan 24, 2007 2:48am Jan 24, 2007 2:48am
Sad to see such a great carry trade lose supporters. 7 years of bliss and worry free longs

Ha. Anyways, how're you getting 232? That'll be quite a drop. Perhaps because of the wait from now till the BOJ release?
  • #13
  • Jan 24, 2007 2:59am Jan 24, 2007 2:59am
Quoting permanentjaun
Sad to see such a great carry trade lose supporters. 7 years of bliss and worry free longs

Ha. Anyways, how're you getting 232? That'll be quite a drop. Perhaps because of the wait from now till the BOJ release?
I'm eyeballing recent weekly support and the weekly upper trendline. I'd like to see it turn before then I'm going to wait until the momentum indicators turn positive.

More specifically I'm looking for a pause at 233.50 and if it violates that then 230.20-ish area (this is a floating target based on updated daily closes)
Therefore what??
  • #14
  • Jan 24, 2007 3:12am Jan 24, 2007 3:12am
GBPJPY has bounced off a fib level at 238.38 and if GDP comes out good I'm sure we'll be up over 240 pretty soon. A healthy retracement overall.
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  • #15
  • Jan 24, 2007 3:13am Jan 24, 2007 3:13am
Quoting cgldsmth
GBPJPY has bounced off a fib level at 238.38 and if GDP comes out good I'm sure we'll be up over 240 pretty soon. A healthy retracement overall.
That would be nice to keep the cash register ringing!!
Therefore what??
  • #16
  • Jan 24, 2007 4:31am Jan 24, 2007 4:31am
there you go, order restored. I still think there was some stop-hunting going on there. just wish I'd re-inforced the my hedge at the fib level.
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  • #17
  • Jan 24, 2007 4:33am Jan 24, 2007 4:33am
Quoting cgldsmth
there you go, order restored. I still think there was some top-hunting going on there. just wish I'd re-inforced the my hedge at the fib level.
Good call Cgldsmth! Looks like my doom and gloom leanings were turned up a tad too high.
Therefore what??
  • #18
  • Jan 24, 2007 10:10am Jan 24, 2007 10:10am
I wouldn't call this retracement over yet.

cgldsmth - How are you drawing your fibs btw?
  • #19
  • Jan 24, 2007 10:38am Jan 24, 2007 10:38am
Hi
Is it true that Europe wants stronger JPY and will push for it during G7? ( by issuing a statement? }

( and the NEWS was spread hours ago?)
  • #20
  • Last Post: Jan 24, 2007 9:15pm Jan 24, 2007 9:15pm
Wheres the bottom?
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