Long Dax, Short NKY, Long EURJPY. Stops beyond recent lows/high on 1 hour charts (see picture). Betting on (temporary) reversal of recent divergence (Dax near lower end of range, NKY near upper end; this divergence between major exporters performance in spite of weakened EURJPY does not seem sustainable. Bet is simultaneously also on global markets breakout out of recent ranges in either direction. JPY weakened previous weak (reversing) - may indicate that reallocation of Japanese investors' from global to domestic stocks (if any..), which could have contributed to relative NKY strength, may have peaked before (of course unless they were mostly FX-hedged). Japan's Covid advantage may have played a major role as well in establishing the divergence, so have most likely BoJ ETF purchases. The former should by now be "priced in" - unless Europe Covid situations worsens drastically (relative Dax overnight outperformance may confirm this). Would expect BoJ to at least not cause itself a significant breakout of NKY to the upside, and instead keep some powder at these levels. Timing probably not ideal after strong DAX overnight move, guess (some) retracement before/at cash open likely, however also risky to have a one-directional trade open until then, hence rather Dax stop relatively wide. Rising EURJPY would be strong factor justifying further NKY outperformance - hence long to reduce risk. Ideally trade should run for a bit, however review after US open (if not stopped out..).
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