DislikedToday jpy usd KILLED EVERYTHING during sydney session. WHY!!!???
RISK OFF all of a sudden ?
What about QE3 ? So much for usd weakness ....this is messed up.
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BOJ is worried about growth, well joining the rest of the advanced world as well. Intervention on the Yen is something that markets can very well predict, but this time I thought they would rather show the action in EJ rather than UJ, but nonetheless the effect has been temporary.
In the past QEs the effect on USD has always been slow and consistent, this time it was rather a Knee Jerk reaction and pushed up risk currencies to unreasonable heights. I got caught with my shorts in EU, GU and AU, well I pushed up all SLs and made them really long ones and was sure that they would come back. And sure they did. I think because of the initial reaction, USD will start improving against its counter parts in the next few days.
You can see this is the USDX charts.
I am looking to short EU again if it crosses 1.29, this would confirm don movement eyeing 1.26 or so.
GBP crossed UTL and shot up to my level of FE100 which was unusual. Re-test of UTL could make it bounce back up again eyeing 1.64, ( I am waiting to see what happens there before I close shorts and go long).
Good luck.
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