Daily Market Notes
Your 200-Day Is Two Numbers 52 Pips Apart, and Tonight They Disagree
Yesterday we published a three-pip disagreement about the dollar-yen 200-day moving average. A fourth publisher gives it as an exponential average just under 158.00 - about 52 pips below the band we were arguing about, seventeen times the whole dispute. Tonight's 158.04 close is four pips above that reading and 48 below the others, so both conventions can say the 200-day held about opposite things. One publisher moved its own figure a pip between morning and evening. The five-day average, the exponential 200-day and spot sit inside four pips - two filters that are one condition. And the full day's range was 66.0 pips, exactly what we measured five and a half hours before the auction and the minutes.