Japanese Yen Strengthens As BOJ Meeting Begins

The Japanese yen has reversed course and strengthened as shorts book profits ahead of the Bank of Japan policy meeting. The BOJ officially began a 2 day policy meeting today. Members of Prime Minister’s Shinzo Abe cabinet will be attending the meeting and many are questioning the Bank’s independence. Expectations are for the BOJ to introduce new stimulus measures, but this could be a sign from traders that they have already priced that into the market and are unloading their yen positions. Japanese stocks are selling off on the yen strength.

US Markets Closed For Martin Luther King Holiday

US markets are closed Monday for the Martin Luther King holiday and President Obama will take the oath at his inauguration as well. Volumes will be low across most markets with the lack of participation from the US. All eyes will be on the US earnings front with Google reporting results on Tuesday and Apple reporting on Wednesday. Those 2 tech giants will either make or break the rally that we’ve had in stocks.

Best For Binary Traders To Stay On The Sidelines

With the lack of volume in the markets, I advise binary traders to stay on the sidelines. I’m just not seeing anything in the markets worthwhile to trade. Quiet markets have cost me considerable losses in the markets from both a mental and financial perspective.

The ASX 200 is currently up 3.9 points to 4775.10. Just not much happening right now and most markets are trading the unchanged line, swinging between gains and losses.

As always be sure to check back for the latest updates. When I see something worthwhile to trade, I’ll be sure to post and let everyone know!