FXWW News/Open/Wrap

Quick overview of Asian trade

  • Focus still on EMs, with USD/INR making fresh highs above 65.00 before RBI stepped in to slow it down;
  • Market starting to turn bullish again on USD/JPY, with technical traders eyeing a wedge on daily charts with top near 99.00/10;
  • Comments from BOE Weale that they would consider more QE under certain conditions sent the GBP down from 1.5660 to 1.5600;
  • AUD/USD fell early as proxy-trade for EM currencies but rebounded strongly after HSBC china PMI data;
  • AUD/JPY buying out of retail Japan was significant driver;
  • Support levels noted in EUR/USD at 1.3280 and in cable at 1.5570, USD/JPY resistance should be very firm 98.60/75.
  1. Sean your post about “Fed Tapering likely underway” saved me from making a seriously bad possible trade. I just stayed away for a day and saved my account from possible damage. I would just be Simply a fool not to listen to someone with over 27 years of trading experience compared to my Less then 27 months of trading experience!

    Now Sean, I wanted to ask do you see the the USD/JPY breaking 99 and heading North today or going south for a shallow Dip one more time to the low 98 region? the Nikkei is exactly where I though it would be, the 13500 range, but the Proportion the Usd/jpy moved from 13300 to 13500 was not proportionate to when we went from 13700 to 13400, it is this reason that has me thinking a bull run is approaching, for the usd/jpy pair to move so fast with less nikkei point must mean something else is getting the market to move. let me know your thoughts!

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