JPY 02 (Oct 11 - Nov 16)

JPY 02 (Oct 11 - Nov 16)

Postby winston » Mon Oct 31, 2011 11:39 am

DJ MARKET TALK: Japan's FX Move "Ad Hoc," To Stem Volatility -Goldman

0315 GMT [Dow Jones] The Japanese government's latest JPY-selling intervention was meant to prevent further volatility, after the currency surged to a new record high against the USD earlier, says Naohiko Baba, chief economist for Japan at Goldman Sachs, in a research note.

"This was an ad hoc intervention designed to stem extreme volatility," after the USD/JPY fell to a new record low of 75.31 before Tokyo trading began this morning, Baba says.

The move came despite "awareness of the yen's tendency to settle in Tokyo trading after posting highs in New York," Baba says.

The MOF's desire to staunch further falls in the USD/JPY, trumped "the desire not to provoke the U.S. and Europe, which are not in favor of coordinated intervention, ahead of the Nov. 3-4 G-20 meeting," he adds.

The USD/JPY is at 79.20, up from 75.65 just before the intervention.

Source: Dow Jones Newswire
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Re: JPY

Postby eauyong » Mon Oct 31, 2011 2:00 pm

Probably after a sumptious sushi meal, fresh action. :)
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Re: JPY 01 (May 08 - Oct 11)

Postby iam802 » Mon Oct 31, 2011 3:39 pm

Every major economic block will be trying to prevent USD from being too weak.

This major shift in balance will last several years. And if such intervention can cause the market to go down, what is the chances of a multi-year bulls rally from this level?
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Re: JPY

Postby kennynah » Mon Oct 31, 2011 5:50 pm

eauyong wrote:Probably after a sumptious sushi meal, fresh action. :)


ate stale sashimi...lao sai :lol: :lol:

and price pattern turning out to be same same as the earlier interventions...
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Re: JPY 01 (May 08 - Oct 11)

Postby kennynah » Mon Oct 31, 2011 6:08 pm

azumi seems satisfied
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Re: JPY

Postby eauyong » Mon Oct 31, 2011 6:51 pm

kennynah wrote:
eauyong wrote:Probably after a sumptious sushi meal, fresh action. :)


ate stale sashimi...lao sai :lol: :lol:

and price pattern turning out to be same same as the earlier interventions...


Yeah, pechah! haha :lol:
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Re: JPY 01 (May 08 - Oct 11)

Postby kennynah » Mon Oct 31, 2011 7:20 pm

maybe 77.50 support for intraday...and then japanese water dripping torture pattern after this...all the way back to below 76
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Re: JPY

Postby eauyong » Mon Oct 31, 2011 7:26 pm

kennynah wrote:52

congrats on 52
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Re: JPY 01 (May 08 - Oct 11)

Postby kennynah » Mon Oct 31, 2011 7:43 pm

thanks :)

hope you are in better shape now that it's retraced some 170 pips
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Re: JPY 01 (May 08 - Oct 11)

Postby eauyong » Mon Oct 31, 2011 8:25 pm

no problem as I actually meant long dollar yen (stated as short yen) position closed at around 14:31 for a +208 pips. :D
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