Obviously with the market already long, there was nowhere to go but down. The BOJ has kept the size of the asset-purchase fund unchanged.
EUR/JPY Fibo resistance at 102.25 (61.8% 103.85/99.60) now looking stronger.
Hi Sean what are your expectations for price action before weekend?
Yup. I hope NFP is bad for this pair to get crushed today. I am expecting 101 today.
Do you mean just USD/JPY Jordan? I think it will drift lower through the day and close below 7800. Re the other majors, I’d rather see what happens in early Europe before committing.
Thanks Sean, I meant EUR/JPY.
Yeah bit bearish Jordan, probably will trade 10170/10230 now pre nfp and of course what happens thereafter depends on the number. Better than evens chance of going lower after BOJ, mkt positioning info and Fibo holding imho
Sean, what do you think could be the effect in risky currencies of a mediocre NFP (let´s say between 70 k and 110 k) ? Would ignite a risk-off day, or by constrast the mkt could buy risk?
This is what I think Michael. EUR/USD is trendless near current levels and no-one knows what to do; the mkt wants to sell Yen but keeps getting caught out; mkt wants to sell AUD and will do so given right conditions. Therefore I think mkt is more willing to jump on a risk-off scenario rather than risk-on imho. Hope that makes sense? Any relatively disappointing number will see biggish risk-off play but will need very good number to encourage risk-on play
Thank you Sean. I´m afraid that even a splendid number (let´s say 180 k or plus) could send the USD higher…
Took ur hint and went long be4 BOJ and then they typically jaw-bonned,yucks.Now i have a posie that is at the mercy of the NFP’s.Now desperate for a good no.It had beta be…lol!
Don’t like it Banya to be honest, plenty of stops below 7820 I hear. Too much luck relying on NFP. Take small loss and try again I’d say
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