USD/JPY opens higher, more short-term gains likely

The Clinton email saga continues to impact on the FX market and USD/JPY is the proxy trade for betting on the election result. News that the FBI won’t be pursuing any further action against Hillary Clinton has caused USD/JPY to gap higher on the open, up to highs near 104.30 from a NY close on Friday nearer 103.10.

I have closed my USD/JPY position for now and am officially clueless. I will look to re-sell any rallies onto the 105 handle but with fairly tight stops above 106.00.

I’ve got no idea what to do with EUR and GBP, and my bias towards buying the AUD is also on hold until after the election storm has died down.

This feels like a ‘reactionary’ market where it’s best to keep all powder dry and to take advantage of all silly moves and believe me, there will be plenty of them!

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