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Big Trade – USD/JPY 02.29.2016 +75
3/2 BK Big Trade -- Close USD/JPY at 113.42 for +75
2/29 Update -- Sorry market moving fast -- place limit order there i you didnt get triggered (edited). basically anywhere between 112.67 and 112.75 is a good place to buy
2/29 BK USD/JPY Big Trade
Buy USD/JPY at 112.67
Stop at 110.67
While the Chicago PMI report came in much weaker than expected, we believe that the dollar will remain bid ahead of Friday’s NFP report. The positive GDP numbers last week breathed new life into the greenback and we think there could be more recovery in USD/JPY. Also, the 112 handle is a great level to buy the pair assuming that the prior low will hold. One of the main takeaways from the G20 meeting is the need for more Chinese and Japanese stimulus. The PBoC has delivered -- and we think this move deserves a stronger response from USD/JPY but more importantly we believe that the Japanese government will be the next to act, although it may be fiscal versus monetary stimulus.