The silly Summer season is well and truly upon us 21 July 2016
USDJPY back up to 106.30 after 105.42 lows. EURJPY 117.15 from 116.14. Similar sharp moves on other yen pairs.
If you don't like volatility you picked the wrong market and time to trade. Pack your bags and head out on hols I reckon.
Reuters reporting that the BBC said the interview with Kuroda broadcast this morning was conducted in mid-June (17th)
A BOJ spokesman has added that the comments merely repeated Kuroda's usual stance on the issue. Which they did but the algos don't get that. One day I'll write a book about the change in market behaviour from human traders/market makers like me to the algo robots of nowadays.
Be careful what you wish for they say. I doubt very much the same extent of price action would have come about on these comments/amendments in my day. That's not to say we didn't have our extreme moments but we also had a human rationale/evaluation, albeit tinged with the necessary crazy touch, that doesn't seem to be there once the programmers have set the dials.
As I say, if you like volatility then fill your boots. If you don't then step away or find something else to trade. The FX market has always been the most fickle. Never more so than nowadays.
