Well, today in Asia time, the USDJPY kind of scared the market by dipping below 100 to a low of about 99.64.
I still believe in my call on Long USDJPY any time it hits 100. So I added another cash position Long USDJPY at 99.75 adding onto the existing position at 100.15, giving me an average of 99.95.
Let’s see.
I wasn’t about to put on a straddle trade for this economic data, instead, I kind of made up my mind to chase the market if the data came out strong.
My gut feel tells me that the data would be somewhat muted. Guess what, it came out strong at 1.4% versus expectations of 0.1%. I immediately jumped in at 1.3125 and rode the market up and decided to square my trade at 1.3167 for a trading profit of 42bps.
Not too bad for a quickie!
Now are we going to see any action tonight in the US; Philly Fed Mfg Index and Unemployment Claims?
I am born in the Year of the Tiger.
The Panthenon Investment Group 