Risk sentiment recovering: Best wait for European markets for confirmation

I’m really not sure what to make of today’s move on the Nikkei, is it the start of a big sell-off or merely a technical over-reaction. I tend to think its the latter but best wait and see what European market do before committing too much to any one trade.

AUD/USD has bounced off daily lows near .9600 and USD/JPY should find resistance now near 102.25.

  1. Was expecting this sell off, but I didn’t think it would happen so fast and hard like this. I think it’s the start of a summer correction in markets. USD-JPY can go to 97.50 easily

  2. Nikkei just follow S&P, which hit channel top (daily), then, drop. Due to Fed Ben had said Equity market is in bubble during the testifier. S&P slip to 1550 in next few days expected.

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