USD/JPY Big Trade 02.11.2016 +60

Close USD/JPY Big Trade here at 111.84 for +60.

***** Take a MUCH smaller position on this given BoJ risk (at least half exposure) -- we plan to close BEFORE Tokyo open

SELL 1/2 lot of USD/JPY at 112.44

Stop 114.44

Bank of Japan intervention rarely works and “call ins” (unconfirmed intervention) such as today to check prices will be dismissed quickly by the market. We think USD/JPY will turn lower once again and make a run below 111. Yellen’s testimony provided no support for dollar bulls and in fact killed the chances of a rate hike in 2016 with Fed fund futures no longer pricing in tightening this year. In our experience, USD/JPY post “intervention” rallies tend to be short-lived.

***This is a speculative no BoJ intervention before Asia (and not likely until we break 110) trade. Its a RISKY one if BoJ intervenes

***** Take a MUCH smaller position on this given BoJ risk (at least half exposure) -- we plan to close BEFORE Tokyo open

Swing

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