Things have leveled off a little bit over last 12 hours. That of course is only by comparison to the to the moves preceding it. In reality the ranges are still huge by any-body’s standard, though it looks like side ways action. Yen still looks as if it was fed steroids. GBP-JPY, for one, dipped under 155.00. This is almost 10,000 from from the high just one year ago. The chart I posted yesterday is really telling.
In my short term GBP-JPY trading I managed couple of trades.

First one was good for 100 pips gain, while the second one did not reached it’s target and eventually was settled below entry for 11 pips loss. More of it tomorrow.
Another trade for tomorrow  is in EUR-USD.

On this 1H chart I set up a buy order at 1.2950, looking for about 100 pips gain. We’ll see what happens.
On the fundamental front there is no shortage of news concerning currencies. Let’s see, rate in New Zealand were cut to 6.5%, while in Hungary raised them in order to defend the Forint, which had been in an awful tail spin. Polish Zloty also has been taking massive beating, as well Swedish Krona and scores of other currencies of smaller countries. People who trade news, or fundamentals must be busy with the amount of information coming out daily, but I don’t think it is easy to digest it all. If you took some losses lately trading forex, you can find some comfort in the fact that even large financial institutions have been suffering heavy losses. Citic Pacific, the Hong Kong-listed arm of China International Trust and Investment Corp, said it had potential foreign exchange losses of about $2bn. And they are not the only ones.

Mike K.