The dollar has made a mad dash for 116.5 . The 5000 usd/jpy long from 117.01 is being closed ( - $16.29 ) and replaced by a limit order 5000 long @ 116.53 . Also , I'm placing a limit order for 15,000 long @ 116.25 in anticipation of an intervention below 116 . It may not even get to 116.25 if the current pace continues , in which case I'll be 20,000 long ( 35,000 otherwise ). The MOF has recently been signalling that their concern is for an 'orderly' realignment , which emphasises rate of change over the absolute levels achieved. If 116.5 is pierced without a significant retracement and targets 116 by the late evening ( EST ), I think they'll act tonight rather than try to fight from 115.7 tomorrow morning.
No comments:
Post a Comment