Obviously the short USD trades are now in the money as The U.S Dollar continues to weaken. The mining trades have been on fire with GPL, IMG and now NUGT ( purchased yesterday ).
It may at first appear boring to just sit around and watch a single asset / asset class ( currencies and USD ) but one has to consider “just how much revolves around the value of USD” – as U.S equities and global commodities trade in this currency.
Correlations can always be found with respect to the “value of USD” and the price of “things” on planet Earth. Thus far we’ve really only seen the beginning of a much larger and expected fall in USD.
Perhaps this is where some of you stock traders can find a solid reason to follow currency markets closely. Also with consideration that JPY ( the Japanese Yen ) trades “in tandem with risk”. When JPY value moves lower – stocks move higher. JPY moving higher ( on repatriation of currency flooding back to Japan ) – stocks move lower.
That’s just how it is!
You can easily check currency pairs at www.stockcharts.com by typing the symbols like this: $usdjpy, $audusd, $cadjpy etc… just dont forget to add the “$”.
I will now focus on JPY as a turn in “global appetite for risk” will soon see JPY on the rise against nearly every other currency on the planet. That means “shorting” currency pairs such as AUD/JPY ( meaning….I a shorting the value of Aussie Dollar “vs” the value of JPY) where in AUD will fall and JPY will rise.
Hope it helps everyone!
so u saying that usdjpy has topped at 118.6?
So u saying 81.6 is the TOP for usdjpy?
USD/JPY likely topped out around here yes Peter.
Even today….having trouble around 116.85