April 14, 2011
After storming up the charts to start the week, yen crosses pretty much stayed within range and consolidated yesterday. EUR/JPY closed 14 pips lower to end at 121.04 while GBP/JPY gained 25 pips to finish at 136.32.
With no news or earthquakes to rock the markets, it’s no surprise that yen trading was relatively quiet. That could all change over the next few days though, as the G7 are meeting yet again. Remember, when the G7 met a month ago right after Japan got hit with 9.0 earthquake and tsunami, the group agreed on a coordinated currency intervention to help stabilize the Japanese financial markets. Could we see a repeat performance to end the week?
In any case, be careful trading yen pairs. If you ain’t too sure what to do, might be best to chill out and watch on the sidelines for now!
"The only cable I watch is the pound baby."