USd/JPY jumps to 107.57 from 107.32 odd, I know not why except that it’s come over the London fix. That’s just a straw clutch at the moment and I’ll check to see if you-know-who is out with another article in the WSJ.
The twitterati note that 600m USD was bought in the CME futures.
Everywhere else looks steady so it’s either a big hedge going through the futures or someone making a play.
That new Greg fellow has been all over it like a rash
Looking slightly further out, what we are in the process of doing is busting out of the 2013 channel top and if we find support against it we could well be seeing another decent leg up. It’s just hard to see that happening before the FOMC though.
USD/JPY Weekly chart 17 09 2014
I will say that if this moves looks like it has some strength behind it it may not matter a jot what Yellen says. I’m getting the gut feeling that unless she specifically says that rate hikes aren’t coming, we’re going to rocket.
