Chinese holiday and Super Bowl should ensure quiet trade this morning

USD/JPY has recovered some ground and is back above 102.00 but I think it’s safe to say that today will be very quiet. I’m not hearing much on the order front although this isn’t unusual as many of bigger orders get cancelled before the weekend and replaced throughout the day.

  1. sean, what is your view on the sudden 100 pip fall from the highs of the day in the aussie on friday. it recovered 50 pips in NY session. but these movements are stopping out my good positions. you think a bottom still not in place in aud?

  2. hi sean. i just went long usdjpy. an orthodox abcd complex pullback, bullish rsi momentum divergence…and if they could hold off such tremendous selling pressure at102 all through to friday. theres only one way for the pair to go till fridays employment..thts up.:)..(i hope)

  3. Hi Nachiket. There are differing opinions on what these sudden spikes mean but for me it usually means too many tight stops in illiquid markets (Fri afternoon, Mon morning, risk events etc). I think the AUD will make slow gains against the NZD, CAD and EUR but that a base in AUD/USD may not yet be in place

  4. Hi Sean,
    Well, we ripped through 101.7/8, I have heard of some buy orders at 101.2/101 area. 101 has been a top in the past, and a support base at 101.15 area, so we might hold there, but if it breaks, i’m thinking 100.6ish, either way, I am thinking about taking a small long at 101.1, its risky as I am not trying to call the bottom yet, still, I think its worth a try with a tight stop in place. The Nikkei Futures are also back at there October rates, but I do believe that it should start to go North soon.

    Anyways Long time since I posted anything, but I still have been reading your blog daily 🙂

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