Yen Builds Second Day Reversal

Morning Report: 06.30 London

• This morning, the yen pairs are staging a second day of reversals after Friday’s surge. The AUD/JPY is one of the biggest losers so far with half of Friday’s gains now undone. By contrast, the USD/JPY is holding its ground, with the EUR/JPY showing only moderate reversals.

• The GBP/JPY is showing the greatest relative strength though with small losses since Monday.

• Meanwhile, the US dollar remains unchanged.

Coming up today:

• Coming up today we have US core durable goods orders at 13.30.

• Following this, we have Canadian BOC governor Poloz speaking.

• We then have US CB consumer confidence at 15.00.

Trade Idea:

• Yesterday’s German Ifo business came in below expectations, adding to the general EUR/GBP poor performance that we’ve seen of late.

There could be a further downside from here too.

A good way to play this is a LOWER trade predicting that the EUR/GBP will close below 0.77000 in 21 days for a potential return of 186%.

                          
                                                         

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