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Nadeem Walayat Financial Markets Analysiis and Trend Forecasts

Yen plunges on BOJ intervention

Currencies / Forex Trading Oct 31, 2011 - 05:37 AM GMT

By: Regent_Markets

Currencies

Best Financial Markets Analysis ArticleThe main news this morning is the Bank of Japan's direct intervention in currency markets to haul the yen back from record highs against the US dollar. The intervention sent the USD/JPY soaring with a knock on effect on other yen and dollar pairs. The USD/JPY is up 4.00%, touching a high of 79.53 after the pair hit record lows last week. There are similar moves on other yen pairs with the GBP/JPY up 3.45%.


The wall of money out of the yen has flowed into the US dollar, sending other dollar pairs lower. The AUD/USD is the morning's biggest mover, down 1.40% with the EUR/USD not fair behind at 0.83%.

Gold looks set for a retest of $1700, falling 1.73% this morning.

Stock market futures add to the negative tone overall with the S&P 500 futures down 0.80% in early trading.

Today we have a number of lower and middle tier economic announcements from the UK and Europe including UK net lending data and European unemployment numbers. Today's main top tier economic announcement is Canadian GDP due at 12.30.

Has the Bank of Japan finally done it this time? Have they intervened strongly enough to lift the USD/JPY away from record lows once and for all? If the past is anything to go by, the answer may not be encouraging. Previous USD/JPY spikes have been reversed rapidly as traders bet on the Bank of Japan making a single intervention rather than a series of coordinated strikes. The latter is something the Swiss National Bank have done particularly well recently.

The Bank of Japan may well surprise with follow up moves, but the odds may favour the opposite which means a lower USD/JPY in the short term.A good way to play this might be a ONE TOUCH trade predicting that the USD/JPY will retreat further and hit 78.00 at some point in the next 2 days (Weds 2nd) for a potential return of 110% at http://info.betonmarkets.com/

Summary:

Dave Evans
Email: editor@my.regentmarkets.com
Url: www.BetOnMarkets.com

With BetOnMarkets, you can trade an ever increasing list of globally traded stocks, indices, commodities and forex currency pairs from one account using a uniquely LOW RISK trading platform that lets you lock in your level of risk and exact return BEFORE you commit to a trade. You can bet on over 100 currency pairs, indices, commodities and stocks with bets ranging from 30 seconds up to 360 days. You can fund your account with as little as $5 and bet for just $1 and its unique "fixed returns" service means you know exactly how much you stand to win or lose before you commit any money. If you are looking for a low cost, low risk way to participate in the markets, then BetOnMarkets is for you. Check us out now at www.BetOnMarkets.com

Disclaimer: The above is a matter of opinion and is not intended as investment advice. Information and analysis above are derived from sources and utilizing methods believed reliable, but we cannot accept responsibility for any trading losses you may incur as a result of this analysis. Do your own due diligence.

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