It's a brand new year but let's rewind the clock and bring this back, shall we? It may only be the first trading day of 2023 but there are already so many things to talk about, having to pick up from where we left off at the end of last year.
Adam provided some food for thought with 4 trading themes to watch for the year here. Meanwhile, the dollar itself could have two sides to the coin despite the fact that broader markets are vying for a Fed pivot.
Personally, I like to keep things simple and a firm break below 130.00 for USD/JPY is one I'll be watching to get into a short position. Depending on how the key drivers play out this year, that could even make for a structural trade - especially if the BOJ is making a slow pivot of sorts.
Besides that, gold is also one that is catching my eye as it runs up to its highest since June last year. The June highs are seen around $1,874-79 and that might make for a good first target before $1,900 comes into play. It's a tough one to get into if you haven't already, as the bounce off the 200-day moving average two weeks back was arguably the ideal spot to limit risk on the trade.
What are your views on the market right now? Share your thoughts/ideas with the ForexLive community here.
If you want a bit of a twist, play at x1.25 speed. Thank me later. ;)
