USD/JPY back on its day’s lows

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Not seeing any news – I would suggest its some USD/JPY longs squaring up before heading out the door for a few days off. There’s a bit of a gap down to about 84.25 to be aware of.

Author: Eamonn Sheridan

Eamonn Sheridan worked with Bankers Trust Australia for 13 years as a Spot foreign exchange dealer, trading across all major currencies and all time zones. He rose to a Vice President position, running spot operations during the busy European time, leaving the bank just prior to it being sold to concentrate on running his own business in the ‘real world’! The markets, however, had him hooked – he continued to trade equities, CFDs and then on to futures, giving him broad experience across financial markets. He is now active in FX and equity index futures as well as writing for ForexLive™. Eamonn is a graduate of The University of Melbourne in Australia and lives in New South Wales.

13 Comments

  1. Hey Eamonn,
    If one has to trade today on USD/JPY can one go long @ 84.23 with stops @ 83.8 with target of 84.5+?

    Appreciate your piece of mind

    Regards

  2. Hi Nihag – I prefer being short Yen, selling Yen on rallies rather than buying it on dips – so, yeah I like the direction of your trade. 84.23 would be a nice area to try to buy unless there was some horrible piece of news pushing the USD/JPY lower. Worth a try. I think you might find a narrow range tonight, though. Could be frustrating. The high today was 84.50, just for info.

  3. Thanks Eamonn,

    Merry Christmas

  4. Thanks Nihag – and a Merry Christmas to you also!

  5. Hi guys,

    Was watching the talking heads on Bloomberg TV just now. Morgan Stanley has a forecast of USD/JPY at 82 in Q1 2013, and 85 for the rest of the year. The other chap I couldnt remember from which investment bank feels its a bit stretched now but expects continuing Yen weakness throughout next year.

    Key piece is the BOJ structure in late January to see which lineup they have in there. Might range trade till mid Jan till the traders front run the BOJ appointments and the inflation target and any changes to the BOJ legislature with Abe pressure.

  6. @Eamonn, Hi would like your take on buy CAD at or near present .9936-50 level. Thank you and do have a Great Holiday Season

  7. Eamonn,

    Do you track USD/INR (Indian Rupee) pair by any chance. If yes any views on it.

    Regards,

  8. No Nihag, I don’t.

  9. Hi Ralprin – I don’t have a specific view on CAD, but am wary of risk currencies over this period of fiscal cliff haggling.

  10. hello Eamonn. what do you suggest for EUR/USD, buy dips or sell rallies?

  11. I prefer selling rallies on EUR/USD for the next few days at least.

  12. thanks Eamonn. by the way where are you from? and is Ed Thomas coming back anytime? nice guy he is.

  13. Hi Eamonn, I read your last comment about the eur/usd; d
    do you expect it to rise despite we are going over the cliff? There might be more bad news about this topic this week.

    What do you think? I went short this morning.

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