Yen gains are traders worry ahead of G7 | Forex Factory

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Yen gains are traders worry ahead of G7

  • #1
  • First Post: Feb 6, 2007 12:23am Feb 6, 2007 12:23am
Everytime there is some G7/Monetary meetings, YEN always never fail to strengthen ONLY to weaken once hints of nothing on the table is about YEN weakness.

Question is: WHEN is the next G7 meeting? So I know when to keep a head's up on this event.
  • #2
  • Feb 6, 2007 12:31am Feb 6, 2007 12:31am
JPY at the forefront this week ahead of G7 with the market leery about carry trade discussions, an important meeting going on Feb. 9-the G7. The G7 consists of the US, UK, Germany, France, Italy, Canada and Japan.
  • #3
  • Feb 6, 2007 12:39am Feb 6, 2007 12:39am
This G7 vs Yen issue is irritating me for weeks now. Everytime this guy named JUNKER speaks, the market acts crazy with Cable going down with Yen and Euro going up, things like that.

When I realize that the move is about Yen it is usually too late and I have to start trading the pips back.

On this Monday, GBPUSD was clearly a cross pair, with support and resistances failing one after another, like if there was nobody in the building.

Hope, at least, that this G7 summit puts an end in this discussion for good...
  • #4
  • Feb 6, 2007 5:07am Feb 6, 2007 5:07am
http://www.fxstreet.com/news/forex-n...0-801c47fe603a

The problem is that the G7 is mainly during the weekend. It could influence the yen strongly.
  • #5
  • Feb 6, 2007 6:05am Feb 6, 2007 6:05am
Quoting cesarnc
This G7 vs Yen issue is irritating me for weeks now. Everytime this guy named JUNKER speaks, the market acts crazy with Cable going down with Yen and Euro going up, things like that.

When I realize that the move is about Yen it is usually too late and I have to start trading the pips back.

On this Monday, GBPUSD was clearly a cross pair, with support and resistances failing one after another, like if there was nobody in the building.

Hope, at least, that this G7 summit puts an end in this discussion for good...
So if this is happening everytime that's good.
Trade this iritating thing. Make money.
Try hard, think fast, die young
  • #6
  • Feb 6, 2007 6:56am Feb 6, 2007 6:56am
Quoting dof
So if this is happening everytime that's good.
Trade this iritating thing. Make money.
Oh boy, that would be nice... Now I'm aware of that keeping GBYJPY and USDJPY charts open with my GBPUSD. First sign of carry trading I jump off... I just don't know how to handle it. It heavily influences GBPUSD, either by moving wierd (like opposing EUR) or holding for several hours while other currencies move easily.
  • #7
  • Feb 6, 2007 8:49pm Feb 6, 2007 8:49pm
BK, G7 meeting is friday and saturday.

here is how i read the yen reaction.... during the G7 meeting, everyone expects the Paulson and Trichet to put the heat on the BOJ to allow the yen to appriciate. the BOJ wants to screw anyone who believes in this expectation, so they sell even more yen to teach traders a lesson. the BOJ does not want to give speculators control of their currency value and they will fight traders tooth and nail.

i think the play is short yen through G7, then when you see the BOJ start to buy back all that yen they sold (3-4 days after G7) you get long yen. i forget who taught me this, but you should always bet AGAINST intervention by the central bank. the BOJ simply can not win in the end, market forces are greater than any government.
Relax and be happy.
  • #8
  • Feb 6, 2007 8:51pm Feb 6, 2007 8:51pm
I agree merlin, I've heard similar things and will be following the same pattern.

One question for you Merlin is are you going to put back on the calendar when the Sec. Paulson is speaking. There was some good movement in the usd/jpy when he was speaking today about how there was "no intervention".

Thanks,

Mike
Therefore what??
  • #9
  • Feb 12, 2007 10:34am Feb 12, 2007 10:34am
Quoting merlin
i think the play is short yen through G7, then when you see the BOJ start to buy back all that yen they sold (3-4 days after G7) you get long yen. i forget who taught me this, but you should always bet AGAINST intervention by the central bank. the BOJ simply can not win in the end, market forces are greater than any government.
ok well the first part worked out as planned, now to find the point to get long yen
Relax and be happy.
  • #10
  • Feb 12, 2007 10:59am Feb 12, 2007 10:59am
Quoting merlin
ok well the first part worked out as planned, now to find the point to get long yen
When everyone starts going short and they're all confused, you go long to confuse them even more lol. I think it was Diallist that posted a few months ago "Observe the masses, do the opposite".

Maybe we should collect statistics from other sites to see where the majority of their traders are placing trades, then we do the opposite
  • #11
  • Feb 12, 2007 12:47pm Feb 12, 2007 12:47pm
go short..atleast 100 pip more
StopLoss is for none belivers... Trust the Gurus..
  • #12
  • Last Post: Feb 12, 2007 1:17pm Feb 12, 2007 1:17pm
Quoting merlin
ok well the first part worked out as planned, now to find the point to get long yen
Wasn't JPY markets closed today? (hence BOJ not acting, presumably)
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