Jobless claims? … “Thelma & Louise” over this? … welcome to the “hair trigger”
world of USDJPY, where any report, POL and/or Apparatchik utterance, can send
USDJPY skyrocketing or reeling … it’s the new “Widow Maker”!
And at the heart of this mess lies the US. STIRS market … if there ever was a
greater correlation between any 2 markets other than this, I don’t know of it
… every little squiggle in the U.S. 2 YR Note is noticed and acted upon in USDJPY
… in essence, you’re not really trading a currency you’re trading yield on fiat
toilet paper … and it reacts viciously & quickly far too often NOT to be considered
the prime mover of USDJPY … next week sees the June Reichstag meeting of the
Lounge Lizards for a June interest rate hike, and we also get CPI numbers … you
want “rock ‘n roll”? … tune in for that shitshow circus coming next week.
So here early, USDJPY range for the day while exceeding 100 PIPS, 40% of it
comes in less than 1 second … sell stops get flushed and filled at the bottom,
natch, and here comes the manipulative rally in price to keep the natural order
… natural order? … yea, banks win specs lose, the natural order, DUH! … as I
have said before, you need to sidestep any and all reports and/or speeches by
Apparatchiks at the FED, and not get caught in this bullshit … and today jobless
claims were plenty higher than consensus [unexpectedly of course], setting in
motion the nuclear detonation … what bullshit … welcome to the new
“Widow Maker”.
Into the afternoon in Biden’s Gulag [New York], and after the “Thelma & Louise”
on rates after jobless claims, they haven’t done Mr. Jack “Diddly” Squat … very
tiny movement … and after the first bounce in USDJPY, which you have to be
very careful about selling cuz of “V” bottoms like the other day’s double reversal,
there hasn’t been much to USDJPY in terms of a rally to sell … some algo sell
signals after about 10 - 15 PIP rallies, but that’s the extent of the anemic rally
attempts, all the while since 7 AM EST the HULL 204 has been pink [sell mode]
… quite frankly, that’s not good enough for me cuz I’m looking for slightly more
around the 20 PIP range … still have a hard time swallowing this bullshit over
jobless claims, but it is what it is … and once we reach the London Fix, it’s as if
somebody shuts the trading lights off … STIRS staying “sticky high”, more than
likely cuz for bond traders jobless claims isn’t the be all end all for direction some
today are thinking it is in FX … USDJPY has been stuck in this 138.75 - 140.25
range, up & down, for about 3 weeks now … until we get CPI numbers and the
Lounge Lizards interest rate decision next week, who changes this dynamic with
that uncertainty [unless, like the Dukes, they know something]? … looking at this
tiny movement down around 139, and unless somebody has the juice to get it
lower into sell stops, USDJPY is gonna find support here above 138.75.
Get below that and it’s a different ballgame, but after repeated attempts today
have been rebuffed, going into the Gulag’s afternoon trading with Europe closed
it’s gonna be a very hard case to make … and quite frankly, while I don’t want to
be long while the HULL204 is pink [it needs to be blue], until that support is broken
and tested, I’m not very excited about getting squeezed and being forced to buy
back shorts on a rebound … and here as i write, that’s exactly what’s happening
as USDJPY is now back above 139 [barely] … no trades in USDJPY for the PAMM
today, simply cuz we never got any decent rallies to sell after that first bounce, and
we find ourselves staring support on the daily chart right in the face … you
ALWAYS have to be cognizant of spikes from Hell in USDJPY, cuz the banks love
to create the havoc and then run stops … in other words, there are some areas on
the YEN chart where standing pat is the optimal choice, cuz neither buy nor sell
look good … guessing where this shit is going is beyond laughable, all that
matters is STIRS direction and order flow … and when STIRS aren’t correlating
with price very well, it’s ALL fading order flow.
Over at IQCENT, Bitcoin I’m leaving alone for the moment cuz of Binance &
Coinbase news flow, and the fact that ranges have been awful … “Stock Bellies”
are dead markets walking, and so I’m in USDJPY here as well for “The Syndicate”
… today no trades … onto tomorrow.
… OUTTA HERE … “The future’s so bright I need 2 pairs of sunglasses 😎😎,
and my own Brinks armored truck” 💓!! … Onward & Upward!!
-vegas
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