Risk pair par excellence as SNB holds the CHF in check
The US-Russia tweets and comments over Syria are pointing towards possibly imminent strikes. SNB seems to have pre-emptively struck CHF this morning (the rumours) as to tell the market to leave CHF alone and concentrate its efforts on JPY.
Add to that the non stop firing or leaving of Trump’s administration people…
We’ve seen USDJPY halt again in front of the 107.50 offers as reported by Ryan this morning on the live blog.
As risk is getting heavier by the hour, I’m already small short AUDJPY and GBPJPY but in case US CPI doesn’t surprise to much to the topside sending US yields to the moon , I’m ready to sell some USDJPY too. I’ll wait for a rally back to 107.30/50 in case algo’s, purely reacting to the number, take it up to 107.30/50 to fade it or sell a break of 106.40 which should put pressure on the 105.70 zone again if not deeper. I’m trying to be conservative here on the moves.
i may also fade a move back to 1.2330 EURUSD but that’s less obvious.
In case we need to really buy USD or tensions ease rapidly , USDCHF would be my currency of choice.
Stay safe and happy hunting
USDJPY H4 11.04.2018
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No trade on the numbers , earnings keep up , weaker headline attributed to lower gasoline prices as Ryan mentioned. Back to tweet and geo political trading . Happy to keep the short audjpy and gbpjpy in place for now .