Quick overview of Asian trade
- Main interest surrounded a push to trigger trailing stops below 121.50 in EUR/JPY:
- Market tried twice but technical support at 121.60 held firm, leading to short-covering by intraday players:
- New Zealand trade data was slightly better than expected causing a mild NZD rally, but was soon forgotten:
- Australian business confidence also inspired a brief short-covering rally in AUD/USD but hedge fund sell orders above 1.0450 capped:
Good evening Sean,
What are your thoughts on cable ? My thought would be “sell rally” mode at 1.5820/50. Could you update the weekly bank research ? Thanks so much.
By the way, I am still in on GBP/JPY. I am waiting to sell one more unit toward 144.00. Do you think is good idea ?
Morning Papillon. Not sure anymore at all on GBP/JPY, it’s 50:50 at moment and I don’t like those odds. Maybe cover near present levels and look to re-sell at better levels? If cable goes to 15850 and USD/JPY to 91.25 then cross will be nearing 14500!
You are right, I have just covered at 142.45. I will re-sell at better levels.
Hope that was a wise move Papillon but based on today’s market in Asia I think it is
> For me, it wise move : we have dips buyer on USD/JPY + GBP/USD could go higher to 1.5800.