I will be watching the usual suspects, EURJPY and USDJPY this morning for further direction in the binary options markets. Strengthening Yen appears to be dominant this morning, if that continues after the open we can bet on a further fall in key US stock indices. USD strength versus risk forex trading pairs CAD, AUD, and NZL also indicating risk aversion (likely continued falling indices if trend continues in opening half hour or so in binary options).
Forex Trading – Yen Reversal Propping Markets Up
Markets reversing earlier losses in tandem with falling Yen. Given the earlier gap down pre-market we are expecting a lower close for the day but we also understand that we follow the forex markets first and foremost. Falling Yen may help us find a peak somewhere just north of 1100 on the S&P 500 which is where we’re looking for the Yen to strengthen (signalling turning point for S&P 500 back downward).
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