Asian session, July 31st: Yen crosses staying very heavy
It was very quiet in overnight trade and we can expect exactly the same in Asia with nothing of note on the economic calendar.
- Any volatility is likely to come from the Yen crosses, with macro funds noted sellers of GBP/JPY in particular during overnight trade.
- USD/JPY short-term technical support at 97.60 continues to hold but that won’t last forever. Expect heavy stops below 97.50.
- AUD/USD has consolidated yesterday’s losses and looks likely to test 90.00 at some stage today, especially if AUD/JPY selling picks up.
- EUR/USD is once again stuck in neutral gear and going nowhere, although heavy end-of-month central bank buying of EUR/GBP had its usual impact.
The most obvious trade is to sell-rallies in the Yen crosses and elsewhere I’d be patient and wait for opportunities to pick up 100/150 pip swing trades.
I’m away this morning but will be back for the afternoon session.
GBP is very weak. It even fell against the poor AUD. Selling GBPNZD is still my bread and butter 🙂
Enjoy the golf… 😉
No golf mate 🙂 I am growing my investment using low leverage.
Tell tale
It was a wild guess… Just like my guess that you’d wipe the floor with me if I were ever silly enough to play a round with you!
Tough at the ‘Reef today, 30km southerlies and fast greens
My heart bleeds! As they say, a bad day at the course is still much better than a good day in the office!
A truer word…