EUR/JPY has traded to upside session which results in early lows to rise above the open. Yen has weakened as compared to last friday. Yen's pisition typically benefits exporting stocks on the Nikkei.Yen has traded almost between 126.00 and 126.50 before breaking out to upside in recent trading. No major move except EUR/JPY's position then afterwards. Now all eyes on US GDP later today.
EUR/JPY has traded lows of 124.80 before reaching its current level. EUR/JPY currently trading at 125.50.
EUR/JPY 's trend index is slightly bullish. This Data updated on Jan 29 at 06:53 (15-minute timeframe).
Friday, January 29, 2010
Monday, January 25, 2010
Yen Getting Strong After Obama’s Speech
After new restrictions on banks' size, new regulations in the country fueled speculations and trading activities in United States America by President OBAMA, Yen is getting more strong against USD. According these restrictions that investments will decrease in the U.S, investors will have to abandon dollar-priced assets. USD/JPY ended below 90.00 which is the lowest level in a month. If we see on wider view then the pair is coming down from June 2007.
Yen ended last week with positive performance against many main traded currencies. After Obama's statement, Yen is climbing up. If more countries will also propose strict regulations in banking criteria then the yen will rally further.
Not only USD but also EUR remained weak against yen. EUR/JPY fell for the seventh session in a row. The decline was more than 500 pips. EUR/JPY fell on friday, reaching nine month low.
Yen's position was bullish. And market's position according USD and EUR's pairs with JPY was as follows:
USD/JPY closed the week at 89.80 from as high as 91.86 on Thursday. EUR/JPY closed at 126.91 from as high as 129.48 on Thursday.
Yen ended last week with positive performance against many main traded currencies. After Obama's statement, Yen is climbing up. If more countries will also propose strict regulations in banking criteria then the yen will rally further.
Not only USD but also EUR remained weak against yen. EUR/JPY fell for the seventh session in a row. The decline was more than 500 pips. EUR/JPY fell on friday, reaching nine month low.
Yen's position was bullish. And market's position according USD and EUR's pairs with JPY was as follows:
USD/JPY closed the week at 89.80 from as high as 91.86 on Thursday. EUR/JPY closed at 126.91 from as high as 129.48 on Thursday.
Sunday, January 24, 2010
Forex scam
A forex (or foreign exchange) scam is any trading scheme used to defraud traders by convincing them that they can expect to gain a high profit by trading in the foreign exchange market. Currency trading "has become the fraud du jour" as of early 2008, according to Michael Dunn of the U.S. Commodity Futures Trading Commission. But "the market has long been plagued by swindlers preying on the gullible," according to the New York Times, "The average individual foreign-exchange-trading victim loses about $15,000, according to CFTC records" according to The Wall Street Journal. The North American Securities Administrators Association says that "off-exchange forex trading by retail investors is at best extremely risky, and at worst, outright fraud."
"In a typical case, investors may be promised tens of thousands of dollars in profits in just a few weeks or months, with an initial investment of only $5,000. Often, the investor’s money is never actually placed in the market through a legitimate dealer, but simply diverted – stolen – for the personal benefit of the con artists."
In August, 2008 the CFTC set up a special task force to deal with growing foreign exchange fraud.”
The forex market is a zero-sum game, meaning that whatever one trader gains, another loses, except that brokerage commissions and other transaction costs are subtracted from the results of all traders, technically making forex a "negative-sum" game.
These scams might include churning of customer accounts for the purpose of generating commissions, selling software that is supposed to guide the customer to large profits, improperly managed "managed accounts", false advertising, Ponzi schemes and outright fraud. It also refers to any retail forex broker who indicates that trading foreign exchange is a low risk, high profit investment.
The U.S. Commodity Futures Trading Commission (CFTC), which loosely regulates the foreign exchange market in the United States, has noted an increase in the amount of unscrupulous activity in the non-bank foreign exchange industry.
An official of the National Futures Association was quoted as saying, "Retail forex trading has increased dramatically over the past few years. Unfortunately, the amount of forex fraud has also increased dramatically."[14] Between 2001 and 2006 the U.S. Commodity Futures Trading Commission has prosecuted more than 80 cases involving the defrauding of more than 23,000 customers who lost $350 million. From 2001 to 2007, about 26,000 people lost $460 million in forex frauds.[1] CNN quoted Godfried De Vidts, President of the Financial Markets Association, a European body, as saying, "Banks have a duty to protect their customers and they should make sure customers understand what they are doing. Now if people go online, on non-bank portals, how is this control being done?"
"In a typical case, investors may be promised tens of thousands of dollars in profits in just a few weeks or months, with an initial investment of only $5,000. Often, the investor’s money is never actually placed in the market through a legitimate dealer, but simply diverted – stolen – for the personal benefit of the con artists."
In August, 2008 the CFTC set up a special task force to deal with growing foreign exchange fraud.”
The forex market is a zero-sum game, meaning that whatever one trader gains, another loses, except that brokerage commissions and other transaction costs are subtracted from the results of all traders, technically making forex a "negative-sum" game.
These scams might include churning of customer accounts for the purpose of generating commissions, selling software that is supposed to guide the customer to large profits, improperly managed "managed accounts", false advertising, Ponzi schemes and outright fraud. It also refers to any retail forex broker who indicates that trading foreign exchange is a low risk, high profit investment.
The U.S. Commodity Futures Trading Commission (CFTC), which loosely regulates the foreign exchange market in the United States, has noted an increase in the amount of unscrupulous activity in the non-bank foreign exchange industry.
An official of the National Futures Association was quoted as saying, "Retail forex trading has increased dramatically over the past few years. Unfortunately, the amount of forex fraud has also increased dramatically."[14] Between 2001 and 2006 the U.S. Commodity Futures Trading Commission has prosecuted more than 80 cases involving the defrauding of more than 23,000 customers who lost $350 million. From 2001 to 2007, about 26,000 people lost $460 million in forex frauds.[1] CNN quoted Godfried De Vidts, President of the Financial Markets Association, a European body, as saying, "Banks have a duty to protect their customers and they should make sure customers understand what they are doing. Now if people go online, on non-bank portals, how is this control being done?"
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