USD/JPY has traded to a low of 84.31 thus far and is sitting right on its lows as I write. Hedge funds have been the main buyers and the inference is that they know something we don’t. Of course, this may not be the case. There are stops close-by just below 84.25 and the fact that they haven’t been triggered yet suggests that the bids around 84.30 are significant.
USD/CHF traded to a low of 1.0220 last week and despite talk of significant stops below 1.0220, it was unable to break lower. The low today has been 1.0229 and whilst the stops are still safe, any bounce has been negligible.
