Yuki Tanaka
TraderI'm not so sure it's a full 'rotation' yet. More like profit-taking in the high-flyers and a cautious move into safer bets. Remains to be seen if it sticks.
While it's a key zone, I'm not sure a "deeper correction" is the immediate outcome of a break. We could see a quick dip to the next support before finding buyers again. Volume confirmation is definitely key though.
Interesting point about not expecting a curveball. I'm actually a bit more cautious; even if the minutes are benign, the market's reaction can be unpredictable. Definitely avoiding anything highly sensitive to rate expectations.
Agreed, EM currency strength against the dollar is definitely a bellwether for global risk. Brazil's domestic issues are holding it back from a stronger move.
Regardless of NFP, the BOJ is still a wild card. Any subtle shift in their tone could overshadow the NFP impact on JPY.