Huge, unexpected moves in the Yen and stock markets [Video]

Jason Sen DayTradeIdeas.co.uk

Japan intervened in the foreign exchange market by selling USD and buying yen after the exchange rate fell to its lowest level in nearly 40 years, surpassing 163 JPY/USD.

USD/JPY collapsed a full 600 pips, as far as 158.00 yesterday but has since recovered 50% of the loss.

Important Fibonacci & 200-day moving average support at 158.30/157.70 is now key to direction.

A break below here risks another 300 pip drop towards 154.80.

Author

Jason Sen

DayTradeIdeas.co.uk

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens.

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