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Draghi Already Failed. Will Kuroda Fail Now Too?

Mario Draghi's "whatever it takes" has failed... and USDJPY breaking its most significant trendline suggests Kuroda is about to fail too...

  • *USD/JPY TRADES UNDER 122.00 FOR FIRST TIME SINCE JULY 13

 

It appears the massive Long Nikkei/Short Gold trade is unwinding in a hurry...

 

Remember, this trade - as we detailed here - which draws together a complex web of interactions between Japanese equities, the gold market, repo financing, BoJ monetary policy meetings and anomalies in the silver market.

 

Charts: Bloomberg