This morning, the AUD/USD is extending the run that has seen it rally over 7.50% since the lows of September. In the same period the NZD/USD has gained 6.5% and the EUR/USD 5%. The Aussie is rallying today after better than expected employment change and unemployment data.
Elsewhere, the British pound continues to lag with the GBP/JPY down 0.27% this morning following yesterday's unemployment figures which came in above estimates.
Today we have trade balance figures from the UK, Canada and the US at 09.30 and 13.30 respectively. US unemployment claims are also released at 13.30.Since the Bank Of Japan stepped in, trading against big moves from the previous day has been a successful strategy on the USD/JPY. Yesterday's spike higher provides another opportunity. We're a bit late to the game on this, with the USD/JPY already selling off, but there could still be room for further downside.
Traders at Betonmarkets thinks that a good way to play this might therefore be a LOWER trade predicting that the USD/JPY closes below 76.90 in 1 day time for a potential return of 134%.
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