Hi All,
So all the news is out and finally we have the situation where as expected, the JPY banks did not raise rates and Fukui did not make any untoward statements about the weakness of the JPY. So, frankly speaking, this should be good for the longs in the crosses but so far that action has not arrived in the crosses.
Usually, under such circumstances, GJ will lead the weay up for the crosses but today GU seems very weak. I think it has risen too much and so it has gone into a consolidation mode and then this would be later on followed by a breakout on either side. So the weakness in the GU is reflecting on the GJ and hence it is not able to make an upmove. Some more news is scheduled for release later on today and we will have to se after that.
I still favor longs in the crosses.
Happy Trading!!
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