USD/JPY still looks like key pair amongst the majors

Option dealers are saying that a break above 100.00 would change the landscape considerably and cause a rush of buying, and I’m thinking that the bulls will now be determined to re-take that important psychological level. The big hedge funds are piling onto this trade, despite the usual August holidays, and if they stay committed then they can have some serious impact.

Elsewhere the majors seem rather direction-less in the very short-term so we may be in for a few sessions of range trading.

  1. Hi there, I was thinking of a short around 99.1, but the fact that it’s only been dropping 20 odd pips before heading up there again, seems to suggest to me a test of 100 may be on the cards. I think I’ll wait, more so if there’s some big players on the buy side.

    BTW, I’m not sure if you noticed my post re: chat room on the chat room thread, so I’ll stick my hand up here again for an email. Cheers, Peter.

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