Shoring up my USD/JPY position
October 21, 2005 by Trader Rich
I shored up my only open position today and exited my USD/JPY
position at 115.54 with no profit, no loss. Unfortunately it is
now trading at 115.91.
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I curious why you did this considering your comments surrounding the prospect of a retrace to 115.17?
As noted in a recent post today, the USD$’s drop is somewhat mysterious … or is it? There have been several attempts at 116 (and related options barriers) without much success but as I write this post the USD has bounced extremely heavily from 115.06 and is heading for intraday trendline resistance which intersects price at 115.67 ….
I’d post a chart but I don’t know how to do this. In any event, watch 115.67 for a break which will trouble Yen longs today.
I curious why you did this considering your comments surrounding the prospect of a retrace to 115.17?
As noted in a recent post today, the USD$’s drop is somewhat mysterious … or is it? There have been several attempts at 116 (and related options barriers) without much success but as I write this post the USD has bounced extremely heavily from 115.06 and is heading for intraday trendline resistance which intersects price at 115.67 ….
I’d post a chart but I don’t know how to do this. In any event, watch 115.67 for a break which will trouble Yen longs today.
USD/JPY 115.31 spot
JPY is seeing pressure from different sides. The downward pressure comes not only from renewed CNY revaluation speculation , UST report on currency manipulators and Bush’s visit to China. Japanese exporters are selling the rallies as are Japanese manufactures and car makers. Lift is seen during fixing and upward pressure from Japanese importers, corporate’s and banks which are buying the dips. Plus … USD/JPY continues to be one of a choice for high yielders as seen in the demand for JPY crosses - all near highs.
This is quite a lot to take in and monitor and probably too much to take into consideration. So where can we see the results of this? In the price, right? The technical’s are still USD supportive when compared to the Japan’s (so far) seven year long battle against deflation.
USD/JPY 115.31 spot
JPY is seeing pressure from different sides. The downward pressure comes not only from renewed CNY revaluation speculation , UST report on currency manipulators and Bush’s visit to China. Japanese exporters are selling the rallies as are Japanese manufactures and car makers. Lift is seen during fixing and upward pressure from Japanese importers, corporate’s and banks which are buying the dips. Plus … USD/JPY continues to be one of a choice for high yielders as seen in the demand for JPY crosses - all near highs.
This is quite a lot to take in and monitor and probably too much to take into consideration. So where can we see the results of this? In the price, right? The technical’s are still USD supportive when compared to the Japan’s (so far) seven year long battle against deflation.