Confessions of a Forex Trader

Right now I would be cautious about taking short positions on any pair related to the JPY, it is likely that the Bank of Japan (BOJ) will continue to intervene on its currency (like they have been doing):

USDJPY

It is known that the BOJ doesn’t feel comfortable at the current levels of the JPY against all crosses (Japan is a net exporter, they need a weak currency).

For now, I will only consider going long if I have a bullish MC on the yen crosses.

Trade Safe
Raul Lopez

Tags: BOJ, intervention, USDJPY Analysis

This entry was posted on Tuesday, December 1st, 2009 at 5:43 am and is filed under Fundamental, Technical. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.