– Find attached two previously published FX Strategy pieces related to USDJPY and authored by Rob Ryan
– The first, originally published on Sep 8 (‘On the Floor in Japan’) includes a discussion of why we believe it is totally wrong to expect the BoJ to attempt to mimic the SNB’s September actions is setting a floor under USDJPY
– In short, the JPY is not exceptionally strong in real terms (unlike the earlier move in the CHF); there is no international support for such actions; and it would completely compromise BoJ independence.
– The second, published on Sep 29 (“Ready to Let Go”) includes a trade recommendation to go short at Y77.40.
– This has now be triggered by today’s run up on what we believe is bogus speculation of the BoJ setting a floor under USDJPY. We target Y72.00 with a stop above Y79.00
Click here to read the reports:
http://www.easyforexnews.net/wp-content/uploads/2011/10/08-Sept-2011-On-the-Floor-in-Japan.pdf
http://www.easyforexnews.net/wp-content/uploads/2011/10/29-Sept-2011-Japan.pdf
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