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Daily Observations: December 18, 2012

Daily Observations: December 18, 2012

Christopher Vecchio, CFA, Senior Strategist

Current Positions:

- Short AUDJPY from 88.83, Stop at 88.80, Target 1 at 87.60

- Long EURCHF from 1.2018, Stop at 1.1990, Target 1 at 1.2500, Target 2 at 1.2750

- Short EURJPY from 111.10, Stop at 111.10, Target 1 at 109.75, Target 2 at 108.60

- Short USDJPY from 84.15, Stop at 84.35, Target 1 at 83.50, Target 2 at 83.20

Recently Closed Positions:

- Exited Short AUDUSD (3/4) from 1.0582 at entry for 0.0-pips

- Exited Short EURUSD from 1.3103 at 1.3130 for -27-pips

- Closed Long USDJPY from 80.65 (1/2) at 84.15 for +350-pips

Time Frame: 1-day to 1-week

The Yen-crosses have rebounded just ahead of many of my initial targets, but with the BoJ decision still a few days away, there is still potential to see these crosses trade lower.

Bottom line: volatility is likely to be very high the next week or so, just on the basis that market conditions will be thin for the holidays. This is not an environment I prefer to trade in - these will be my last trades of the year, unless something absolutely substantial occurs.

Any other trade ideas and general macroeconomic musings can be found in the Real Time Newsfeed, or by following me on twitter @CVecchioFX.

--- Written by Christopher Vecchio, Currency Analyst

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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