Yen steady after heavy losses

Morning Report: 09.00 London

• This morning, markets are mixed as the S&P 500 drifts back lower following extended gains yesterday. The dollar index is pausing as it hits overhead resistance.
                                                                 

                               

                               
                                                                                                                                                                   
• The big move yesterday was a retreat for the Japanese yen. This move is peeling back slightly this morning, especially on the AUD/JPY which has seen lots of volatility this morning.

                               

• The NZD/USD is on the rise after falls yesterday selling off yesterday.

                               
                                                
• Meanwhile the contrasting fortunes of the dollar and yen pairs can be clearly seen in the EUR/JPY versus the EUR/USD.

                               
                     
                               

Coming up today:

• This morning we have prelim UK GDP at 09.30, with a gain of 0.7% on the cards.

• This is followed by US new home sales at 15.00.

Trade Idea:

• The EUR/JPY pushed firmly higher yesterday, but the yen pairs have been volatile of late, so we could see a retrace of yesterday’s moves.

                               

A good way to play this is a LOWER trade predicting that the EUR/JPY will close below 136.25 in 5 days time for a potential return of 167%

This is presented as an idea to stimulate fixed odds financial betting ideas and is not financial advice. 

Summary: