What happened to JPY this morning

Lying in wait to short EUR/JPY and GBP/JPY this morning, expecting both to retrace and had sell limit orders in place

half an hour later the price had shot up as if rocket propelled

What happened, did anybody see this coming,?

Read the news. Tons of stuff.
Earth Quake
Japan’s 10year bond drops to a new low
ETC…

Elephant

Thanks, perhaps this will teach me to read the news from time to time

Boj announces ‘quantitative and qualitative monetary easing’ which means long term JGB (bond) buying with targeting 2% inflation. It cost 207 trillion yen (or 250 trillion) until 2014.

From now JPY going to devalute. Always look for buy on retracements. Actually earth quack not the reason.

Question, when’s the next retracement gonna be?

Before you place any long-term trades, you want to regularly check upcoming economic events. As someone that trades on a daily chart, I tend to be out for High volatility events that I know can have a major affect on price. Rate decisions and the US Non-Farm Payrolls specifically. Meeting notes can cause major movements as well. These movements are impossible to predict because it’s based solely on the market’s reaction to the news. So you can wind up with a 250 pip spike like we had to today or nothing at all.

Here’s a link to a calendar. Bookmark it!
Forex Economic Calendar @ DailyFX

The reason why JPY plunged this morning was due to the BOJ press conference whereby the Japanese government announced that it would expand its asset purchase programme further in order to reach its 2% target inflation in 2 years. This aggressive monetary policy easing prompted traders to sell off the JPY which caused a drop after the announcement.

Yes, I saw it coming, since BOJ press conferences always have a significant impact on the market. It’s one of the major economic events that you can always look out for. You may check the economic events in various news websites, but I check them mostly here at Forex Factory.

Look at daily charts. Big bull candle. High possibility to reach 100 soon. Keep an eye on NFP.