FX Trading - Straight to Hell

For the USD, of course. If you're the optimistic kind looking at equities, commodities and every other currency, its 'Boom! Zoom! To the moon, Alice!'

Everyone's well and happy heading into Good Friday and such, so there's nothing much to add here, safe that the momentum on this thing is enough to keep it going, regardless of anything. For instance, rumours were circulating in Greece yesterday about some sort of debt restructuring announcement over the holiday period, but nobody seemed to pay any attention. Even then, the Greek authorities got hold of the email which they said originated from a certain investment bank and will be investigating this bit of irresponsible fear-mongering. 

And apparently Asian CB's helped the EUR along this morning, when South Korea and Malaysia at least were seen buying USD to slow down the advance of their own currencies. Of course, after buying USD they wouldn't want to hold on to it so by all accounts they've been selling it for the EUR instead; we all know the Eurozone can use a stronger currency.

Our USDJPY long was stopped out; while a good trade, we'd ignored our own advice to buy on a higher close, which never happened. We'll only know at day's end if the break of support holds, but in the meantime we've gone long GBPJPY.

GBPJPY - back to buying levels?

The cross looks to have reached levels worth buying after rallying out of the base and falling back again. This is also a way to play GBP strength having missed the GBPUSD move, and we expect as long as the risk play is on, JPY strength should be limited. Our stop is at 134.40 under the previous's day's low, giving us limited risk.

Let's see if this party holds into the long weekend, it'll certain warrant breaking out a few bottles of champagne.

Peace.