LONDON CLOSE - Roundup

A mixed session which began with USD bottoming out against JPY and the risk currencies before tracing out a textbook reversal which gained momentum with the NY open. However the economic news from the USA about 1.5 hours ago turned everything around sharply and strongly and as I write USD is significantly down especially against JPY. The big move of the day is in USDJPY.

There were two MTFM trades today, I took both of them. Firstly long GBPJPY which was a fast loser. The second which looked much more promising was EURUSD short at about 1.2990 after a reversal from the day's high. It got to about 1.2955 before reversing sharply with the news.

The good news is that if you are still in last week's long trades in EURUSD and GBPUSD (believe it or not, the only valid trades from my systems last week which I chose not to take), as I write you are up some significant pips that far outweigh the other losses:

GBPUSD MTFM +220 pips
GBPUSD Demand Return +180 pips
EURUSD MTFM + 190 pips
EURUSD Demand Return +120 pips