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Daily Observations: September 02, 2013

Daily Observations: September 02, 2013

Christopher Vecchio, CFA, Senior Strategist

Current Positions:

- Long USDJPY (1/2) from net 97.95, Stop at 98.20, Target 1 at 98.20 HIT, Target 2 at 99.20 HIT, Target 3 at 99.80

Closed Positions:

- Closed GBPUSD Short from net 1.5535 at 1.54625 for +72.5-pips

- Closed USDJPY (1/2) from net 97.95 at 99.20 for +125-pips

The news that the United States would stay out of Syria for the time being propelled equity futures across the globe higher, boosting risk appetite across the board. Concurrently, with European PMI figures continuing to surge, there's little need for safety on the day and as such, the Japanese Yen has suffered in thin market conditions.

I've taken 1/2 profit on the USDJPY position at 99.20 as previously discussed; and I'm watching the bigger picture breakout of the descending trendline off of the May 22 and July 8 highs.

With US NFPs on Friday, it would be short-sighted and premature to declare the multi-month consolidation finished (which has formed a Symmetrical Triangle dating back to April; in context of the broader uptrend, this is a Bullish Continuation pattern).

A major miss, for example, would undoubtedly (from point of view) sink US yields and drag the US Dollar much lower as investors reconsidering 'Septaper.' Ahead of Friday, I'll be looking to add on dips in USDJPY; though I will certainly trim positioning ahead of potentially momentous volatility.

Are you new to FX or curious about your trading IQ?

I also host a weekly Live Trading Q&A in DailyFX Plus, on Tuesdays at 06:00 EDT / 10:00 GMT, in which I delve deeper into my positions and thought processes behind my analyses.

--- Written by Christopher Vecchio, Currency Analyst

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