Yen

B

Black Swan

was the right side of two of my pairs, wrong side of the other, any news on why the sudden drop/spike? TIA :)
 
I'm not taking much notice of the Yen at the moment but I think many traders are holding the opinion that the BoJ won't intervene until below the 85 level.
 
hit 14 yr high v dollar today, huge surge across all Jap pairs as Asia opens...
 
They are squawking quite a bit tonight..

Japanese Strategy Minister Kan: "Has not heard of any FX intervention plan, but there are many options"

Japanese Gov. Spokesman Hirano: "Rapid FX swings are undesirable, government is monitoring currencies to avoid double-dip recession"

Japanese Minister Fujiji: "Very nervous about currency moves"

The verbal intervention doesn't seem to be working. The rumor ten months ago was actual intervention below 85. That was not the same government however. I'm not going to blindly guess on the intervention point, but if 85 should definitively break I'll use a sizeable buy stop to make sure I'm in if/when it happens. Should be monumental.. Swiss intervention usually pops 200 pips only to deflate once again.. I wonder what sort of message the Japanese are willing to send? They need to send one quickly as I doubt $35,000 Camrys will be hot sellers.
 
Last edited:
barryb said:
Even if you find it easy, that's a c0ck-end thing to say.
Click to expand...

I don't find it easy. Infact trading is one of the hardest things I've ever done in my life. But there are still sometimes (pretty infrequently if truth be told) opportunities that are very, very easy to take advantage of. This Yen move was one of them. If I appear as a c0ck for saying so, so be it.
 
trader_dante said:
I don't find it easy. Infact trading is one of the hardest things I've ever done in my life. But there are still sometimes (pretty infrequently if truth be told) opportunities that are very, very easy to take advantage of. This Yen move was one of them. If I appear as a c0ck for saying so, so be it.
Click to expand...

c0ck
 
No trader i know would ever call catching a certain move easy, no matter how effortless it seemed at the time, as that would be misleading to the amount of work you have to put in to make trading a consistently profitable endeavour.
 
barryb said:
No trader i know would ever call catching a certain move easy, no matter how effortless it seemed at the time, as that would be misleading to the amount of work you have to put in to make trading a consistently profitable endeavour.
Click to expand...

Fair point. You are completely right.
 
Black Swan said:
was the right side of two of my pairs, wrong side of the other, any news on why the sudden drop/spike? TIA :)
Click to expand...

You got a position in this Black Swan?

I see its put in a spike low and now finding resistance where expected at the previous double bottom support lows at 87.12.
 
Fundamentals definetly support the Japanese do not want a strong YEN, similiar to the canadians and their Loonie.

Strong correction since the drop, bullish ascending TL.

I have scalped a good 160 pips the past few days, and still currently long.
 

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