As USD/JPY is trading above the psychological 100 level again, it seems
that playing the pair from the long side is gaining strong momentum as
several big names are re-crowded in this trade.
This somehow resembles back in late March when banks were also crowded in the trade ahead of the BoJ new regime. But what is really interesting this time is that some banks maintain 2 or 3 units in the trade and they keep buying on dips.
The following is a list of these trades:
1. Morgan Stanley: macro trade, (2 units $10 million each) , from 97.00, and from around 98.50, with a stop at 95.75 and a target at 106.
2. Nomura: macro trade, (1 unit, $10 million), from 98.70, with a stop at 96.00.
3. Deutsche bank: structural trade targeting 110 by year-end.
4. Citi: macro trades via overlay portfolio and tactically from last week.
5. BofA Merrill: technical trade, 3 units from 98.00, 97.50, and 97.00 with a revised stop at 96.80, and a target at 105.80/106.
6. Commerzbank: technical trade, 2 units from 99.85 and 99.10 with a stop at 97.90, and a target at 101.50.
7. Credit Suisse: technical trade, from 98.00, with a stop below 97.85, and a target at 103.10.
This somehow resembles back in late March when banks were also crowded in the trade ahead of the BoJ new regime. But what is really interesting this time is that some banks maintain 2 or 3 units in the trade and they keep buying on dips.
The following is a list of these trades:
1. Morgan Stanley: macro trade, (2 units $10 million each) , from 97.00, and from around 98.50, with a stop at 95.75 and a target at 106.
2. Nomura: macro trade, (1 unit, $10 million), from 98.70, with a stop at 96.00.
3. Deutsche bank: structural trade targeting 110 by year-end.
4. Citi: macro trades via overlay portfolio and tactically from last week.
5. BofA Merrill: technical trade, 3 units from 98.00, 97.50, and 97.00 with a revised stop at 96.80, and a target at 105.80/106.
6. Commerzbank: technical trade, 2 units from 99.85 and 99.10 with a stop at 97.90, and a target at 101.50.
7. Credit Suisse: technical trade, from 98.00, with a stop below 97.85, and a target at 103.10.
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