ZZZZZZZ - I don't know who has been trading FX over the past few days but please let me know if you see anything interesting! All I see is range, range and more range. We had a big day of volatility last Wednesday, but since then all has been quite. I know we have seen some decent intraday volatility in EURUSD, but the market hasn't really gone anywhere when you look at the daily chart. USDJPY has broken higher which is making sense, and I expect we will be trading back above the yearly high at 110.10 in no time. If for some reason we get a dip back under 106.00, have your finger on the buy button and don't hesitate to pull the trigger. Ultimately, any setbacks in USDJPY should continue to be very well supported above 105.00. With so many large players invested in this position, I would be shocked to see it dip more than we have already seen in recent days.
GET SOME POPCORN - Elsewhere, I am still waiting for EURCHF to break below 1.2045. Cmon man!! Let's go. I would like to buy EURCHF somewhere between 1.2000-1.2045 and am anxious to see if this trade sets up. The SNB says it is ready to act "immediately" and to me this means one more little change and they will step in. We know it has to be ahead of 1.2000 so a dip below 1.2045 should do the trick. I am also watching US equities once again with interest. This latest rebound could make for a nice opportunity to sell, and I still think the fundamentals have not changed and the Fed will move sooner than later in 2015, contrary to the shift in sentiment we have seen from the fickle market. Until then, I'm afraid it's more sit back and wait. Don't worry, as always, we will be busy trading again in no time. But as a present to you all, I have embedded one of my favorite trader movies below. Go get some popcorn and a soda, sit back and enjoy!