AUTOREFRESH 
USD/JPY: So much for all the option cover
By Sean Lee || July 29, 2010 at 21:41 GMT
|| 9 comments || Add comment
I’m still at odds to know why some big players were buying so much cover in USD/JPY earlier in the week in the form of 88.00 calls. There is usually a very good reason for this type of behaviour and perhaps something will still happen in the next few days.
On the day USD/JPY looks soft and as it’s ‘risk-off’ Friday, buyers of USD and Risk will be few and far between.
Morning Sean, EU had a wild ride today… can’t believe I made a 150+ pip profit. Do you think that EU is consolidating before next weeks fundamentals start coming out?
Market sentiment is swinging against the USD so I think its dangerous to be trying to sell EUR/USD especially when the EUR crosses are looking quite strong. Many players have been targeting 13115/45 as the next pivotal level so I would not go long at present as we are too close but prefer to wait and buy dips or see what happens after a topside test
btw Rance, well done on some excellent trading.
Top o’ the evenin’ Sean!
Bloomin’ hope eur/jpy’s gonna give it up a bit larger now before I hop it.
I can see quite a bit of RSI room on 15 and 30 min charts if 113.40s support gives way, dunno how much longer I can keep my eyes open though.
thanks Sean… will take your advice under advisement and wait for the top side test again to determine direction, as I hear a lot of the big players are still targeting a huge drop yet to come in the EU. Do you hear anything along these lines in your circle?
Ooops by way of explanation, I have downslopey RSI channels on both charts, but support – if it doesn’t break – will be squeezing the price into a tight corner shortly.
Mornin Lilac. Big stops below 11320 so it might get a wriggle on fairly soon.
Posts crossed
Yeh well I’m all snuggled up in my rosey pink fluffy in anticpation now
I m heavily long on USD JPY 4 lots….hope it doesnt disappoints..