USD/JPY Discussion

maybe today the FED

short from 108 s/l break even we'll see new seems like FED is staying the same could see top out around here and back down.

Correction time

Did some highlights on the latest FOMC statement,

Information received since the Federal Open Market Committee met in July suggests that economic activity is expanding at a moderate pace. On balance, labor market conditions improved somewhat further; however, the unemployment rate is little changed and a range of labor market indicators suggests that there remains significant underutilization of labor resources. Household spending appears to be rising moderately and business fixed investment is advancing, while the recovery in the housing sector remains slow. Fiscal policy is restraining economic growth, although the extent of restraint is diminishing. Inflation has been running below the Committee's longer-run objective. Longer-term inflation expectations have remained stable.

Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee expects that, with appropriate policy accommodation, economic activity will expand at a moderate pace, with labor market indicators and inflation moving toward levels the Committee judges consistent with its dual mandate. The Committee sees the risks to the outlook for economic activity and the labor market as nearly balanced and judges that the likelihood of inflation running persistently below 2 percent has diminished somewhat since early this year.

The Committee currently judges that there is sufficient underlying strength in the broader economy to support ongoing improvement in labor market conditions. In light of the cumulative progress toward maximum employment and the improvement in the outlook for labor market conditions since the inception of the current asset purchase program, the Committee decided to make a further measured reduction in the pace of its asset purchases. Beginning in October, the Committee will add to its holdings of agency mortgage-backed securities at a pace of $5 billion per month rather than $10 billion per month, and will add to its holdings of longer-term Treasury securities at a pace of $10 billion per month rather than $15 billion per month. (10 billion QE reduce) The Committee is maintaining its existing policy of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities and of rolling over maturing Treasury securities at auction. The Committee's sizable and still-increasing holdings of longer-term securities should maintain downward pressure on longer-term interest rates, support mortgage markets, and help to make broader financial conditions more accommodative, which in turn should promote a stronger economic recovery and help to ensure that inflation, over time, is at the rate most consistent with the Committee's dual mandate.

The Committee will closely monitor incoming information on economic and financial developments in coming months and will continue its purchases of Treasury and agency mortgage-backed securities, and employ its other policy tools as appropriate, until the outlook for the labor market has improved substantially in a context of price stability. If incoming information broadly supports the Committee's expectation of ongoing improvement in labor market conditions and inflation moving back toward its longer-run objective, the Committee will end its current program of asset purchases at its next meeting. (QE ends in Oct if shit doesn't come down) However, asset purchases are not on a preset course, and the Committee's decisions about their pace will remain contingent on the Committee's outlook for the labor market and inflation as well as its assessment of the likely efficacy and costs of such purchases.

To support continued progress toward maximum employment and price stability, the Committee today reaffirmed its view that a highly accommodative stance of monetary policy remains appropriate. In determining how long to maintain the current 0 to 1/4 percent target range for the federal funds rate, the Committee will assess progress--both realized and expected--toward its objectives of maximum employment and 2 percent inflation. This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial developments. The Committee continues to anticipate, based on its assessment of these factors, that it likely will be appropriate to maintain the current target range for the federal funds rate for a considerable time after the asset purchase program ends, especially if projected inflation continues to run below the Committee's 2 percent longer-run goal, and provided that longer-term inflation expectations remain well anchored. (no hint on early rate hike in 2015)

When the Committee decides to begin to remove policy accommodation, it will take a balanced approach consistent with its longer-run goals of maximum employment and inflation of 2 percent. The Committee currently anticipates that, even after employment and inflation are near mandate-consistent levels, economic conditions may, for some time, warrant keeping the target federal funds rate below levels the Committee views as normal in the longer run.


Original text
http://www.federalreserve.gov/newsev.../20140917a.htm

So why did UJ rocket up?

Anyway, time to watch the freak show....

hope everyone reloaded.. just closed my 2 lots from 106.800 .. leaving a 2 minilots open .. and a short eur/usd open from 1.30

DOLLAR STRONG

Statement is hawkish. QE ends in 30 days given the current weather.

o yeeeee ))

Which is a very big deal.

Theoretically we could see hyper deflation once they end it. Thats worst case dooms day scenario

I'll be looking to L on another bounce around 107.34. Closed my previous +40 pips before FOMC

Right, big deal it is.
I suspect trend won't stop till 110.00 which is where the major resistant level is.

Eur usd 12800 12700 usd jpy 110

Feeling pretty great

Looks like 109 close in reach but I am asking myself why did it go this far in the first place.

Gidday RTM

Woke up this morning

Well that cleared the deck chairs

Went back again

Trying not to get caught out

The Greedy Yen masters will want some of these pips back

Going short

Target hit on usdjpy 108.30 flat now..... happy camper today

http://i.imgur.com/naJxwt0.jpg

Gidday Myelbow

I hear you

Classic case of fear an greed

I will let the shitters run to 110+

Least if it retraces I won't have to ditch the longs

Still long and added new position today. Moved stop up to new 2 candle low and this put my 5th position just above BE so a 6th position was opened.

Currently at +2110 pips with 1300 pips locked in by the stop.