Candletalk

Quoted from "wolli"

@ retep

Alpari hat ein ATL am 16.03.11 bei 76,295:

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Tue Mar 22 14:29:15 CET 2011 JPY $/yen a snoozer but the longer we remain in this narrowing range the more pressure will build to the downside

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Fri Mar 18 10:47:19 CET 2011 JPY Watch USDJPY and CADJPY as America and Canada come in - the exporters are happily selling into 82.00 and post the early morning actions we have seen strong supply from corps and funds alike selling USDJPY - more official bids seen on the EBS below 81.40.

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DJ BOJ Places Order To Buy USD If It Sinks To Y81.25 - Trader

March 18, 2011 05:26 ET (09:26 GMT)
Copyright (c) 2011 Dow Jones & Company, Inc.

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--G-7 pledges joint intervention to weaken yen
--Step marks first joint intervention since 2000
--BOJ intervenes, popping dollar above Y81 from Y79.19
--Other G-7 central banks will intervene during their trading days
--BOJ appears to sell less than Y1 trillion in first two hours
--Japan says ECB may sell yen and buy euros

(Adds context, more Noda comments.)

By Arran Scott and Tatsuo Ito
Of DOW JONES NEWSWIRES

TOKYO (Dow Jones) The Group of Seven industrial powers pledged to intervene in the currency markets for the first time in a decade as Japan dumped yen on the currency markets Friday to keep the currency's record surge from further damaging an economy ravaged by earthquake, tsunami and nuclear disaster.
"At a time when Japan is in a difficult situation, it is extremely significant that G-7 authorities agreed to act in concert and cooperate for the stability of the markets," Japanese Finance Minister Yoshihiko Noda said in announcing the agreement, the first since 2000, after a 90-minute teleconference of G-7 finance ministers and central bankers.
The ministry sold yen through the Bank of Japan for the first time since September, sending the dollar surging as high as Y81.49 from Y79.19 before the announcement. The U.S. currency was at Y81.582 at 0300 GMT.
Noda said Japanese authorities are not targeting a specific level for the yen.
Friday's intervention comes after the yen hit an all-time high early Thursday morning in Asian time, with the dollar falling to Y76.25. The move confounded observers who expected the yen to weaken at a time of severe crisis for the Japanese economy, especially as the buying did not seem to be driven by major repatriation flows from Japanese firms.
That raised the prospect that speculators, aware that the yen had gained on repatriation flows following a 1995 earthquake, were trying to profit on the tragedy. But a strong yen is anathema to Japanese exporters, who are a mainstay of Japan's economy and whose strength will be crucial to the country's recovery.
In the first two hours after Friday's move the BOJ appeared to sell something less than Y1 trillion, entering the market continually to fight overseas yen-buying, dealers with direct knowledge of the intervention flows said. They predicted that as the day wears on the intervention will top September's record sales of Y2 trillion.
Japanese authorities traditionally have intervened only in the dollar/yen pair. Noda indicated that the European Central Bank might sell yen and buy euros.
Wearing the drab civil-defense jumpsuit that Cabinet members are sporting during Japan's worst postwar crisis, Noda told reporters in a packed elevator hall of the Finance Ministry building that the BOJ's 0000 GMT intervention would be followed by yen-selling from the rest of the G-7 in their own time zones Friday, in response to Japan's request.
"No nation hesitated and all readily accepted Japan's request," Noda told a press conference after a regular Cabinet meeting.
Noda said G-7 members shared that view that there had been excessive and disorderly movements in the foreign exchange market.
"I explained clearly to Japan's partners that it is not the case that Japanese firms need yen cash and need to sell foreign assets," Noda said.
A French official confirmed that G-7 representatives on the call readily supported Japan's request.
"We express our solidarity with the Japanese people in these difficult times, our readiness to provide any needed cooperation and our confidence in the resilience of the Japanese economy and financial sector," the G-7 said in a statement.
The announcement means "round-the-clock intervention and support," said Richard Grace, chief currency strategist at the Commonwealth Bank of Australia. "We'll probably see the dollar/yen two or three big figures higher over the next 24 hours."
"This is an extremely important event here," said Westpac Global Markets strategists Sean Callow and Robert Rennie. "We have not seen coordinated intervention or at least a statement of intent towards coordinated intervention from central banks for many many years. History tells that coordinated intervention has a much greater chance of success."
Coordinated intervention will likely work -- but then again it has to, as it's the only ammunition Japan has left, BNP Paribas strategist Robert Ryan said.
"It's monetary easing, it's exchange-rate easing that's the only way they can stimulate the economy. This is the last tool in the tool box. They have to make it work."
BOJ Gov. Masaaki Shirakawa said the central bank will continue to pump cash into Japan's financial system as needed to stabilize domestic financial markets.
"The Bank of Japan strongly expects that Japan's concerted action with G-7 member countries in the foreign-exchange market will contribute to the stable formation of foreign-exchange rates," Shirakawa said in a statement. "The Bank of Japan will pursue powerful monetary easing and to ensure stability in financial markets, will continue to provide ample liquidity."
Demand for short-term funds rose in the wake of the devastating quake, but in the new conference with Noda after the G-7 teleconference, Shirakawa said money markets have regained stability following the BOJ's massive fund injections this week.
Economy Minister Kaoru Yosano said the G-7 decision to conduct joint interventions means there's a common understanding of the importance of a stable yen, the Nikkei reported.
Even though past cases of joint intervention have marked turning points for the target currency, it's not yet clear whether this intervention will be enough to keep the yen from strengthening later, as the duration of the joint efforts isn't clear, said Osamu Takashima, chief FX strategist for Citibank Japan.
March is the final month of Japan's fiscal year, which "was one reason why the government and the G-7 decided to step in," Takashima said, "but next month we can't expect they will continue to intervene, so there is some possibility that the dollar could drop to around Y75 if they stop."
However, if that were to happen, dragging the Nikkei Stock Average down below 8,000, then the G-7 could intervene again, Takashima said. The Nikkei 225 Stock Average ended the morning up 1.77% at 9,120.93.

March 17, 2011 23:02 ET (03:02 GMT)
Copyright (c) 2011 Dow Jones & Company, Inc.

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--Yen surge Wednesday threw dealer banks into "panic mode"
-- Prices swept wider for all banks
-- Barclays Capital pulled yen prices from Barx trading systems, clients unable to trade yen
-- Bank jitters may have contributed to yen's record-breaking jump


LONDON (Dow Jones)--U.K. bank Barclays Capital (BCS, BARC.LN)pulled yen prices off its Barx dealing system for a short period Wednesday, as the Japanese currency fizzed to its strongest levels on record, a person familiar with the situation said Thursday. In a spectacular move, the dollar collapsed against the yen at 2100 GMT Wednesday, sinking 4% to hit a record low of Y76.25.
Most big banks' systems functioned normally during that hectic period, albeit with a markedly wider spread between where the banks were prepared to buy and sell the currency--a feature that reflected extreme market stress and uncertainty. But Barx was unavailable, a Switzerland-based user said.
"All of the banks showed wide spreads--they went into panic mode," the Barx user said, speaking on condition of anonymity.
"But I use six banks, and of them, only Barx was down," he said, adding that he was unable to trade yen on the system for an hour.
A person familiar with the situation said Barx didn't experience any technical difficulties, but the bank's traders decided to pull prices from the system to protect themselves during hectic trading conditions at what is normally a quiet time of day.
Barclays Capital said in a statement: "Due to unprecedented volume in yen based currency pairs, we extended our normal daily reset time period between NY/Asia time zones. Subsequent to this, we maintained superior yen pricing through a period of extremely high volume without interruption."
Barclays Capital is the world's third-biggest currencies-dealing bank, according to benchmark data from financial publishing firm Euromoney. Its Barx system is well respected in the industry and is used heavily, particularly by smaller banks and by hedge funds. Rival Deutsche Bank (DB, DBK.XE)--the world's biggest currencies-dealing bank--said its systems operated normally throughout the period, and that it was trading electronically and by voice throughout the yen's surge.
Citigroup (C)--the world's fourth-largest dealer--said its trading systems operated normally throughout, and it didn't pull its prices off its electronic platforms. The Barx user said all banks pushed out their spreads as the yen shot higher. Banks were showing prices for trades in the dollar against the yen with a spread of some 50 or 100 so-called pips--the tiny increments of currencies prices.
In normal trading, spreads are around 0.8 to one pip wide. These wider spreads, particularly in combination with the Barx outage, "definitely" contributed to the jerky rush higher in the Japanese currency, he said. The yen has been climbing markedly since last week's earthquake and tsunami, in a shift that reflects expectations Japanese investors and companies will bring funds home from abroad. The yen is also considered a safe retreat in times of stress, and has therefore been attracting even greater demand as the country battles radiation leaks at the Fukushima nuclear power station.
The trigger for the rapid ascent late Wednesday is unclear, although anecdotal evidence suggests that retail investors may have been forced out of unsuccessful negative bets on the yen. As they folded on those bets, the currency sprang higher, hitting a series of options and stop-loss orders to fuel a rapid run-up. The absence of Barx and gaping spreads on yen prices could not have helped to keep the market flowing smoothly.

March 17, 2011 14:48 ET (18:48 GMT)
Copyright (c) 2011 Dow Jones & Company, Inc.

Quoted from "retep"

Quoted from "Purri"

Haha, genau zum/während des Roll-Over, wo die meisten nicht handeln können und keine Stops ausgeführt werden gehts fast 200 pip runter. Ich vermute, dass ist unten mit "cat & mouse games" gemeint.

Ich würde behaupten gut getimed danach (10s Chart). Das ganze ging wohl auf MS4. Ist aber nur eine Vermutung da mir der Wert fehlt.

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--BOJ intervention threat keeps currency traders on edge
--Flows light, spreads wide, particularly in yen

LONDON (Dow Jones)--Concerns that the Bank of Japan may intervene to weaken the yen are making it unusually tough to complete trades in the currencies market Thursday, traders say.
Flows are relatively light, and the gap between the prices where banks buy and sell currencies, especially the yen, is abnormally wide, as traders seek to protect themselves from shocks.
"Yen traders everywhere have their crash helmets at the ready," one Citigroup trader said. Against the current backdrop it may be "difficult to transact 'normal' buy orders [in the dollar against the yen] without spooking the market... liquidity has obviously worsened, and spreads will reflect this," he added.
Other London traders agreed that the wide spreads and thin trading conditions are unusually prevalent Thursday after the spectacular demand for the yen drove it to all-time highs against the dollar overnight. Japan's central bank had been expected to intervene on the Ministry of Finance's behalf, as the dollar reached the Y80 level, but it didn't. Now markets are on high alert for the possibility that the central bank may yet try to halt the yen's gains.
The tensions in the currency market also come after telling comments from Japanese Finance Minister Yoshihiko Noda Thursday. "Under thin market conditions there are various speculations and nervous movements," he said. "Based on this, I will closely watch the market situation."
The strong yen makes Japanese exports more expensive at a particularly difficult time. Japan last intervened to weaken the yen in September 2010. A G7 teleconference on the situation in Japan is due at 2200 GMT and leading to some speculation of concerted intervention to weaken the yen from key central banks. Comments so far suggest Japanese officials believe speculators are to blame for the yen's current gains, not repatriation flows back into Japan as some market-watchers believe.
At 1302 GMT, the dollar was trading at Y78.84 against the yen after hitting a low of Y76.25 overnight.

March 17, 2011 09:28 ET (13:28 GMT)
Copyright (c) 2011 Dow Jones & Company, Inc.