Something is happening....Yen up 300 POINTS in 15 minutes...

[RCG Trader]

Quote from ajcrshr:

Yen Strengthens to Record Against Dollar on Radiation Concern

http://www.businessweek.com/news/20...cord-against-dollar-on-radiation-concern.html

Yen hits record high versus U.S. dollar
Strategist forecasts greenback low of ¥77; dollar, yen gain on euro

http://www.marketwatch.com/story/ye...-appetite-fizzles-2011-03-16?siteid=rss&rss=1

The Yen skyrockets in Sydney open, BoJ intervention may be around the corner

http://www.fxstreet.com/news/forex-news/article.aspx?storyid=f6fae2cc-c92f-490f-ba03-bfb092727b66

If I recall correctly the BoJ line in the sand was 82. It is now sitting at 78.64 with an enormous long tailed doji, I predict it will be a rickshaw doji before this is over. Japan cannot withstand any further strengthening, and they will step in.

 

[morganist]

Quote from RCG Trader:

If I recall correctly the BoJ line in the sand was 82. It is now sitting at 78.64 with an enormous long tailed doji, I predict it will be a rickshaw doji before this is over. Japan cannot withstand any further strengthening, and they will step in.

I am sure they printed loads of money off to pay for tsunami repairs. Will this not have an impact on prices? If not how far do they have to go? Will any action prevent the rise?

I don't think it will. So what exactly do you expect them to do?

 

[benwm]

how about dropping yen from helicopters?

that'll do the trick

 

[Hook N. Sinker]

Japanese Yen Future Contract June 2011 Chart 30 Minute Intervals

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=3124970 \img>

 

[Tsing Tao]

Quote from Locutus:

Bidless? I don't think so. You people are making a big fuss.

dude, when something drops 500 pips like that in a flash, it's because there are no bids to stop it.\

all the more so in AH.

 

[kashirin]

Quote from RCG Trader:

If I recall correctly the BoJ line in the sand was 82. It is now sitting at 78.64 with an enormous long tailed doji, I predict it will be a rickshaw doji before this is over. Japan cannot withstand any further strengthening, and they will step in.

they will need to buy a lot of stuff to rebuild

basically it's in their best interest to have strong yen for now

 

[Larson]

Quote from achilles28:

I hear you. That was a good technical level. But never have I seen the yen move like without an event. I think some real bad shit is about to come out.

AUD/JPY canary in the coal mine Aug. 2007. Same here, but much worse, namely impending currency crisis.

 

[athlonmank8]

Man, wish this volatility would stick around. JPY as usual is an eye opener tonight.

 

[Kassz007]

Quote from S2007S:

BOJ is going to step in tonight while everyone is sleeping!!!!!

No shit sherlock. While we sleep, Japan is awake. While we're awake, Japan is asleep.

 

[Kassz007]

Quote from Locutus:

Bidless? I don't think so. You people are making a big fuss. The trend in USD.JPY has been down forever. Any forex trader who knows anything is not long this thing anyway. Why the fuck would you try to catch a bottom on this thing is my question, especially now?

Can't imagine anyone has been looking at this thing, thinking the past week(s)/year(s) "ha I'm gonna go long this thing and get MOTHERFUCKING LOADED!!!"

There have been more impressive down days than this. One only needs to go back to April and May 2010. Anyway, good for the Japs they can buy their shit on the cheap for the recovery (and contrary to what you may think there is no evidence that an appreciating currency is bad for gdp growth)

Did you look at the chart? That was not a normal move. Being an expert forex trader such as yourself, I would think you would know that.

There is no evidence that an appreciating currency is bad for GDP growth? Please stay on the sidelines where you belong.