Traders are running for the exits after the spike in USD/JPY reminds traders that, yes, there is two way traffic in currency markets and that profits can vanish pretty quickly.
It’s been a great run and covering some shorts in EUR/USD isn’t a bad idea. Doing it because you think QE is going to hurt the dollar is daft, but getting closer to square ahead of the weekend makes some sense given the spike in volatility.
EUR/USD now at 1.2355 from 1.2288 intraday lows.
