Permission please to scream and be generally annoyed
AUD/JPY in particular was screaming at us that a base was close yesterday. It always looks it’s absolute worst right at the bottom and I’m pretty sure we saw an important base happen yesterday. Presuming the big hedge fund clean-out is done, I think we can get back to normal market conditions and start selling the Yen fairly aggressively.
As our hedge fund insider @FXWW888 reported yesterday, there’s a big digital option rolling off in USD/JPY later today, with a pay-out of $10 million, so we can expect this pair to be trading pretty close to 95.00 at around 10am NY time.
Cable continues to look very strong and I wouldn’t be at all surprised to see prices near 1.6000 in coming days. That will really stuff the bears up (and probably be the short-term top!).
Regardless of twice missing good dip-buying opportunities in the AUD crosses this week 🙁 I still have to admit that these are really great markets to trade in 🙂
Good luck today and TGIF.